USDJPY has made
three waves of a pull-back from latest high that could be near completion as
price tested and already reversed from very important 61.8% Fibonacci support
level. We expect to see a move higher from here, ideally in impulsive fashion
back to 98.64.
The reason for a
bullish outlook is previous five wave rally in wave A) which is called an
impulsive move. Impulses show direction
of a trend or temporary change in trend, that’s why we think that current trend
is bullish, and that three wave retracement from 98.65 is temporary. Invalidation
level remains at 95.75.
On the basic
chart below you can see where USDJPY is at the moment.
Written by www.ew-forecast.com
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