Elliott wave Analysis: USDJPY Can See Support Around 106.10/106.45

Gregor Horvat Wavetraders

USDJPY turned to the downside yesterday, away from 107.89 high where a double top was found for black wave A. Current reversal can now be in five minor waves for blue sub-wave a as part of a three-wave pullback. Once sub-wave a unfolds, a new temporary correction as wave b may follow, followed by a new drop into final leg c of B. On that note the whole corrective decline from 107.9 level can find support near the 106.10/106.45 area.

USDJPY, 1H

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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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