USD/JPY: Sideways On Daily But Bullish On Intra-Day
Gregor Horvat | Aug 19, 2013 09:58AM ET
USD/JPY found a support last week around 95-96 level as expected from where sharp rally suggests that market accomplished wave C) of a triangle and that price is now moving higher in wave D), still only fourth leg within complex correction. But we need five of them, so be aware of more choppy and overlapping price action in 95.80-101.50 range in days ahead before market breaks to the upside. However in the near-term price could reach levels around 99.00 before three wave rise in wave D) is complete. Support for current black sub-wave B comes in around 96.80.
However in the near term, price could reach levels around 99.00 before three wave rise in wave D) is complete. Support for current black sub-wave B comes in around 96.80 where traders with bullish bias could be interested in long opportunities. In that zone we can see a 61.8% retracement area compared to previous five wave rally; that’s an ideal Fibonacci reversal zone for B-waves.
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