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Is USDJPY Heading Higher?
Good day everyone!
In today's post, I want to look at USDJPY more closely which I believe has some very interesting pattern unfolding since last week. What really caught my eye is that move up from 108.80 area that occurred for a second time from that important >Gap Zone< made in April. These gaps will normally act like a magnet to be filled, and once they are a new turn may occur. And this is exactly what we see on 4h chart. In fact, bounce occurred very aggressive from 108.80 last week and took out a channel resistance line connected from 114.37. Normally that’s indication of a change in trend, so I expect higher USDJPY especially if we consider the Elliott Wave look which shows a potential completion of a corrective set-back from May high. Reason for a bullish view is also an impulsive bounce on hourly chart which shows nice zone of support for this week around 110.00-110.50 zone.
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