USD/JPY In Limbo ahead of Bank of Japan
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-USDJPY is trading in the middle of the 105.43-102.85 range. Was the decline into 102.85 the full correction or just part of something bigger? The 1/16 response near the 1/2 close as well as today’s response near the same level indicate headwinds.
-Yes, the decline from 105.43 is in 3 waves. The diehard Elliott trader will tell you that this is bullish. It could be but in the real world I have seen plenty of supposed 3 wave completed corrections become the first leg of larger complex corrections or worse. Bank of Japan is tonight and may serve as a trigger for the next move.
LEVELS: 103.00 103.56 103.90 | 104.72 105.30 106.00
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