Elliott Wave Analysis: USD/JPY Looking At 110
Gregor Horvat | May 17, 2016 04:36AM ET
USD/JPY is turning nicely to the upside for the last two weeks which now looks like a new impulsive wave in action. On the 4h chart we are observing an idea of an extended black wave 3 headed up to the 261.8% Fibonacci level that comes in around the upper red resistance line. So current slow price move above 108.00 is probably just a fourth wave within uptrend. If we are correct then new highs are coming soon into wave five of 3 that can be looking to move up towards 110 area, while price trades above 107.50.
USD/JPY, 4H
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