Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

USDJPY Elliott Wave Analysis: Correction Within Uptrend

USDJPY reversed higher in impulsive fashion from 102.80 where we see a completed three wave decline. Three wave moves represent a corrective price action which was mostly the case on this pair from start of January. We see a completed corrective pullback, labeled as wave 4) which means that pair may now continue to the upside again, this time up in wave 5) with impulsive price action. As such, we suspect that current pullback from around 105 figure is just temporary minor retracement within ongoing uptrend. We see it as wave 2 that will ideally look for a support around 104 zone; at former swing low of wave A.

USD/JPY 4h Elliott Wave Analysis

(click to enlarge)Click to enlarge

Written by