Elliott Wave Analysis: USDJPY Could Face Some Gains In The Next Few Days
|On the updated chart of USD/JPY, we can see a nice and strong bullish turn taking place from around the 111.60 level, where we labeled end of a complex correction. As such, recent recovery gives us an indication for a completed double zig-zag correction and a suggestion that higher levels will now follow while market stays above 111.60. At the moment we see price trading lower in black wave 2 for a third leg of a three wave correction, that may experience some support around the 61.8 Fibonacci ratio.
USDJPY, 4H
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