As expected, USDJPY moved up into a third leg of recovery in this week, which can be wave (c), maybe already near completion after rally into 50-61.8% resistance area. At the moment however, sentiment is bullish but impulsive sell-off from current levels and beneath 102.00 area will be a signal for a bearish reversal. In that case traders should be aware of USDJPY bearish continuation towards 100 level. On the otherhand, bullish extensions up to 105.00 area will indicatea bullish trend towards new highs.
USDJPY 4h Elliott Wave Analysis
USDJPY One Hour
USDJPY is also up this week because of higher stocks prices and US yields. We see pair slowing down around 103.00 level, but current price action in 40 pip range is looking corrective, so it can be fourth wave with new leg up in view. This will be wave v heading up to 103.40 resistance area.
USDJPY 1h Elliott Wave Analysis