Elliott wave Analysis: USDJPY Intra-day Update

Hi traders,

USDJPY is nicely recovering in impulsive fashion, above the 110.08 level, confirming that wave a triangle in wave B is over and that wave C is in play. That said, even though price is trading now at new highs, we believe some temporary resistance and reversal zone may follow near the 110.51/110.62 region. A reversal in three minor waves may be seen around the mentioned zones.

For more analysis check our website at www.ew-forecast.com.

USDJPY, 1h

usddjpy, intra.