USDJPY and Nikkei225 Both Looking Bearish – Elliott wave Analysis

Technical analysis of Forex market

The stock market remains under pressure at the start of the US cash market, so USDJPY cannot break above 112.50 resistance. Therefore, I am looking for a triangle pattern which may cause another leg down soon into wave 5 of A)/1) towards 111.50. At the same time we see also Nikkei225 breaking below the channel support; decisive move through it would be very bullish for JPY next week.


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Nikkei225, Daily