Elliott Wave Analysis On USDJPY And Crude OIL
USDJPY has been trading higher at the start of the week, but pair found some sellers recently at 61.8% Fibonacci retracement and at c=a level, which can represent a very strong reversal zone. As such, we should be aware of more weakness from here, ideally down into wave C of D) back to 101.00 area. Our short-term view remains unchanged as long as 104.33 is not broken.
Crude oil is ticking lower so wave B)/2) can be already completed which means we may see more weakness from here, and towards 43.00 by the end of the week. We are looking at 42.00 level as potential area for a new bounce, as bigger corrective decline can come to an end down there.
Crude OIL, 1H