Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader and see ideas on other USD crosses
–USDJPY is trading in the middle of the 105.43-102.85 range. Was the decline into 102.85 the full correction or just part of something bigger? The 1/16 response near the 1/2 close as well as today’s response near the same level indicate headwinds.
-Yes, the decline from 105.43 is in 3 waves. The diehard Elliott trader will tell you that this is bullish. It could be but in the real world I have seen plenty of supposed 3 wave completed corrections become the first leg of larger complex corrections or worse. Bank of Japan is tonight and may serve as a trigger for the next move.
LEVELS: 103.00 103.56 103.90 | 104.72 105.30 106.00
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