USDJPY: Two Elliott Wave Counts Pointing Higher
USDJPY is moving sharply higher since the NFP report. Pair is now above 99.40 so it looks like price is moving up in third leg towards 100.60/70 region after recent retracement back to 99.00 area was just a small correction of wave 3. If our primary count is correct then pair must accelerate sharply to the upside as we expect wave there of three, typically the strongest wave.
If pair will turn sharply bearish from any reason and maybe closed on daily basis beneath 99.00 then it may be worth it to keep on this alternate bearish count.
Written by www.ew-forecast.com