Usd/Jpy 1 Hour Chart
Tuesday, 12 May 2020 at 13:116 GMT
USDJPY is coming lower, but in a slow corrective structure, which looks to be wave »iv«, so watch the potential support around 107.00 level, from where we may see another rally back to highs for wave »v«.
Usd/Jpy 4 Hour Chart
Tuesday, 12 May 2020 at 06:43 GMT
USDJPY started rallying from 105.98 level, suggesting that an Elliott wave ending diagonal in wave C of B is completed, and that a bullish reversal is here. We are now tracking a minimum three-wave recovery, so also be aware of temporary pullbacks; wave 2/B in particular. Also price is now approaching 108.03 bullish level, where a break would confirm a bullish continuation.
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