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Guest Commentary: USD/JPY Remains Sideways But Bullish

Guest Commentary: USD/JPY Remains Sideways But Bullish

Eric Morera, Technical Strategist

USDJPY sideways consolidation continues which surely has the look of a triangle. It remains to be seen what sort of a triangle it would prove to be. Our strategy remains unchanged to buy the dips in 3, 7 or 11 swings just like it was at 96.52 and 97.00 levels.

Pair is showing 5 swings higher from 96.91 level and another swing higher toward 99.39 - 99.98 is expected to complete 7 swings before we get next pullback.

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Eric Morera, Elliottwave-Forecast.Com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.