USDJPY Looks Bullish - Elliott Wave
USDJPY has accellarated to the upside in the last two sessions above 100.60 swing high from Sep 11th. A daily close above that level opens door for more upside, so we are tracking an updated count that shows wave three of three in progress towards 101.50-101.70. Any unexpected reversal back to 98.00 level will invalidate the count.
On intraday chart USDJPY is trading sharply higher for the past two trading sessions. We see some nice clean directional waves without overlaps in recent leg up so we think that market is in impulsive rise. Impulses are five wave patterns, and ideally price is now still only in red wave iii) which means that pair could continue much higher in sessions ahead. Therefore, we will keep an eye on one of the coming fourth waves for long.
Written by www.ew-forecast.com