Five Legs Higher On USD/JPY - Elliott Wave analysis

Gregor Horvat Wavetraders

USD/JPY is trading in an uptrend, developing five waves from the 107.65 level, where a former bigger wave B) correction found a low. That said, we see price specifically tracing out a wave five now, which can despite current rally look for a temporary top and resistance near the 110.3/110.5 region, where a new three-wave pullback (a-b-c) may show up.

USD/JPY, 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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