Bulls Pushing USDJPY Higher; Be Aware of Temporary Pullbacks

Gregor Horvat Wavetraders

Hi traders,

USDJPY can be trading in a bullish impulse since end of May when a corrective wave B of a higher degree found a low. Current price activity is clearly bullish with five minor waves within red wave 1), followed by a corrective leg 2) and now again a new three-wave recovery with latest sharp and steep rally from 110.28 resembling a wave 3 of a bigger cycle. Ideally price will continue even higher within a bigger impulse labeled as blue wave C which can in weeks ahead aim for the 113.5/114 area. That being said, be aware of temporary pullbacks which may pop up within the uptrend.

USJDPY, 4h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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