USDJPY is working on a seven-swing structure from the February lows. We believe wave (B), i.e. fourth swing, has completed at 101.16, and as this level holds, we favor continued strength toward the 103.27 – 103.70 area to complete the seven-swing cycle.
Following the completion of this structure, USDJPY should put in at least a three-wave pullback in order to correct the rally from the 100.73 low. The zone between 102.46 and 102.76 is expected to produce a pullback in wave B, which should be the sixth swing.
By Eric Morera of Elliottwave-Forecast.com
