USD/JPY Elliott Wave analysis: Targets 2020's highs

Gregor Horvat Wavetraders

USDJPY is finally coming higher on daily chart, out of a triangle that we were tracking in wave four so looks like more upside can be seen now for wave 5 which will be targeting 2020 highs.

USD/JPY daily Elliott Wave analysis chart

On 4h chart Japanese Yen, USDJPY is in an impulsive recovery after a triangle consolidation within wave E) with low at 109.11. We saw a sharp break higher; above 110.07 and out of a downward channel which makes a very bullish look for the pair so we think that more upsides can be seen, but possibly after a pullback if current 110.79 resistance holds. Support is at 110.00/110.10.

USD/JPY 4h Elliott Wave analysis chart

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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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