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USD/JPY Dips Should Prove Corrective

USD/JPY Dips Should Prove Corrective

Eric Morera, Technical Strategist

USDJPY mid-longer term cycles remain bullish when we view the recent pullback to be wave ( 4 ). Short-term support lies between 95.76 - 96.86 and we would expect this region to hold in case of Triangle or Ending Diagonal. Only a strong break below this region would leave the door open for new lows below 93.77 as per ALT view. Either way, we remain bullish on the pair to continue to view dips as a buying opportunity. -Eric Morera, Elliottwave-Forecast.com

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