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5 Big Drivers of Higher Inflation Rates Ahead

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Elliott Wave Analysis: USDJPY and SP500

USDJPY is making a pullback now, which we see it as a three wave set-back in wave 2 as mentioned this morning. Ideal support zone comes in at 113.80-114.30 from where we will expect a bounce, later today or maybe on Monday. Invalidation level remains at 112.55.

USDJPY, 1H

USD/JPY 1-Hour Chart

At the same time, we see S&P500 trading higher, now trying to push price out of a triangle, but still, 2273 remains more important for a confirmed breakout.

S&P500, 1H

S&P500 1-Hour Chart

 


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