Elliott Wave Analysis: USDJPY Intraday

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The USD moved lower on Friday, after worse than expected NFP numbers. The EURUSD moved up to 1.3680 while USDJPY fell to 104.00 and even lower today during the Asian session, because of higher US bonds. Besides the Japanese yen one of the best performers in the last few days was Australian dollar.

As mentioned above, USDJPY fell sharply following the NFP disappointment, now trading close to 103.00 level. Intraday trend is down, now doubt about that, but at this phase the most important is to be aware of a bigger picture. On daily trend is still up while on this hourly chart below a current downward price action can be counted in three legs. Three legs are corrective patterns, so maybe that’s a deep A-B-C zigzag pattern that may stop around 103.00 region. If we get a strong impulse up in this week and if US bonds will show some evidences of a bearish structure then we may be looking for longs on USDJPY in this week.
Written by www.ew-forecast.com

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Elliott Wave Analysis - USDJPY

Elliott Wave Analysis – USDJPY