21 May 2015
USD/JPY: Be aware of a pullback – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, views that Elliott Wave Analysis suggests USD/JPY might see a pullback to around 120.70, but the bigger upside picture remains intact.
Key Quotes
“USDJPY broke above 120.48 so we see pair now in wave iii) that is trading at some important Fibo levels. As such, current sharp rise from around 119.10 can be limited on the upside, so be aware of a red wave iv) pullback in sessions ahead back to around 120.70. But from a bigger perspective, we see pair going much higher in days ahead, so any reversal down will be temporary and limited.”
Key Quotes
“USDJPY broke above 120.48 so we see pair now in wave iii) that is trading at some important Fibo levels. As such, current sharp rise from around 119.10 can be limited on the upside, so be aware of a red wave iv) pullback in sessions ahead back to around 120.70. But from a bigger perspective, we see pair going much higher in days ahead, so any reversal down will be temporary and limited.”