USD/JPY eyeing 107.6/108.5 level – Elliott wave analysis

Gregor Horvat Wavetraders

Hello traders,

USDJPY made a sharp, bullish turn recently, indicating a low in place, and a minimum, three-wave reversal underway. We see first leg higher as a completed a)/i), which was followed by a temporary correction as ii)/b), that found support at 105.28 level. Current rise can now be part of wave iii)/c), targeting 107.6/108.5 level, with a five-wave minor structure.

USD/JPY, 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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