Elliott Wave Analysis: USDJPY Trading into Possible Resistance and Reversal Zone at 113.0 – 113.35

As expected, USDJPY made a Monday rally for wave c) that can stop around 50% – 61,8% Fibo. retracement and between 113.0 – 113.35 resistance area. Monday rallies are usually fake movements, so we would not be surprised if we see a sharp bearish reversal in the upcoming days, especially if we see a sell-off continuation in the US stock market.

USDJPY, 30Min