USDJPY Sideways On Daily But Bullish On Intra-day Time Frame

USDJPY found a support last week around 95-96 level as expected from where sharp rally suggests that market accomplished wave C) of a triangle and that price is now moving higher in wave D), still only fourth leg within complex correction. But we need 5 of them, so be aware of more choppy and overlapping price action in 95.80-101.50 range in days ahead before market breaks to the upside. However in the near-term price could reach levels around 99.00 before three wave rise in wave D) is complete. Support for current black sub-wave B comes in around 96.80.

USDJPY Daily-Elliott Wave Analysis Chart

However in the near-term price could reach levels around 99.00 before three wave rise in wave D) is complete. Support for current black sub-wave B comes in around 96.80 where traders with bullish bias could be interested in long opportunities. In that zone we can see a 61.8% retracement area compared to previous five wave rally; that’s an ideal Fibonacci reversal zone for B-waves.

USDJPY 4h-Elliott Wave Analysis Chart

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