Guest Commentary: USD/JPY Pullbacks to Offer a Buying Opportunity
USD/JPY makes a new high above 104.63 so we are still within the cycle from 101.60. This cycle should be ending between 104.90 – 105.41 resulting in at least a 3 wave pull back. Cycles are positive so we don’t like selling the pair and strategy remains to buy the dips in 3, 7 or 11 swings.
By Eric Morera of Elliottwave-Forecast.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.