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U.S. Dollar / Japanese Yen
Long

USDJPY Shows A Bullish Pattern

211
USDJPY is moving higher but is now testing the red trendline resistance around 160, which is also a psychological level, so we could see a near-term pullback from here. There is also an unfilled Sunday gap around 159.26, which could be filled on the next retracement, ideally as wave E. Support is seen between 159 and 158, where we could see a rebound as part of a higher degree triangle before the pattern completes. Why= because all needed, abcde legs would then be in place, so market may start looking for a breakout; ideally, higher, above 160.50

The invalidation of a triangle is if subwave A near 157.50 is broken.

Also, keep an eye on US yeilds, with latest hot inflation figure, higher yeilds can help USDJPY to stay in uptrend. Also, keep an eye on some FED speakets this week...

Grega
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elliottwaveanalyisElliott WaveUSDJPYyeilds
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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.