HomeContributorsTechnical AnalysisUSDJPY Searching For Resistance, Temporary Corrections May Show Up

USDJPY Searching For Resistance, Temporary Corrections May Show Up

On the 4h chart of USDJPY we can see a strong recovery taking place from around the 108.12 level where a bigger three wave A)-B)-C) pattern was completed. That said current reversal is viewed as wave 1, the first wave of a possible bigger five wave development that may take weeks to unfold. As such, more upside will be expected after a pullback down in wave 2 that may show up, once wave 1 finds a top. Support for the upcoming wave 2 may be found around the region of support at 111.58/112.22. That said, once the lower channel line gets breached that is when wave 1 will be regarded as completed and wave 2 will be in play.

USDJPY 4H

Elliott Wave Financial Service
Elliott Wave Financial Servicehttp://www.ew-forecast.com/
Trading forex, futures or futures options carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.

Featured Analysis

Learn Forex Trading