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Guest Commentary: Important Elliott Cycle Completing in USD/JPY

Guest Commentary: Important Elliott Cycle Completing in USD/JPY

Eric Morera, Technical Strategist

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

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

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