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USDJPY Elliott Wave View: Bullish Against 112.86

By: Elliottwave-Forecast | Tuesday, July 11, 2017

Short term USDJPY Elliott Wave view suggests the pullback to 111.7 low on 6/29 ended Minor wave X. Up from there, wave Y is unfolding as an Elliott wave zigzag structure where Minute wave ((a)) ended at 113.68 and Minute wave ((b)) ended at 112.86. Up from there, Minutte wave (i) of ((c)) ended at 114.3. Minutte wave (ii) of ((c)) ended at 113.96, but a break above 114.3 will add validity to the view that the next leg higher has started. Until then, a double correction in Minutte wave (ii) still can’t be ruled out before pair resumes the rally higher. Near term, while dips stay above 112.86, and more importantly as far as pivot at 111.7 low stays intact, expect pair to extend higher. We don’t like selling the pair.

USDJPY 1 Hour Elliott Wave Chart

Author: Elliottwave-Forecast

Elliottwave-Forecast (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

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