Elliott Wave Analysis: Bulls Picking USDJPY Up

Technical analysis of Forex market

USDJPY is breaking higher according to the expectations of a strong USD. So, since we noticed a complex w-x-y corrective decline, USDJPY can be finally headed higher back to 112.15 highs, especially if pair starts breaking above 111.60 bullish confirmation level. In case we get surprised by another decline back below 110.85 region, then we would start tracking a deeper and more complex correction. However, as long as price keeps trading above 109.70 invalidation level, we remain bullish.


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