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Guest Commentary: USD/JPY Consolidation Continues - Where to Next?

Guest Commentary: USD/JPY Consolidation Continues - Where to Next?

Eric Morera, Technical Strategist

"Pair continues to consolidate and last push higher did fail as expected and resulted in a quick downside reaction. Focus for now is on 96.56 where wave ( E ) of the triangle can complete and we can start to see thrust higher in wave ( 5 )

"Failure to find support here and break of 95.77 can have the pair trade as low as 94.93 (85.4 fib) of wave ( B ) to complete wave ( C ) of a less contracting triangle or the pair could get into a double correction and make new lows below 93.77 reaching 92.00 area before a bounce.

"We continue to view the pair as a buy the dips market." - Eric Morera, Elliottwave-Forecast.com

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