Guest Commentary: USD/JPY Medium-term Cycle Remains Bullish
Mid-longer term cycles remain bullish when we view the recent pullback to be wave ( 4 ). Short-term support lies between 95.14 - 95.54 from where we expect an upside reaction which could be wave ( D ) of a bullish triangle consolidation or would fail and result in a sharp drop to new lows below 93.77 toward 91.00 region to complete wave ( 4 ) as as double correction. Either way, we believe, it would present a good long opportunity after completion of this on-going correction.
If you liked this video, you can visit our website. We do Elliott wave analysis of 25 instruments in 4 different time frames with 1 hour charts updated 4 times a day.