Bears On USD/JPY Are Running Out Of Steam; Bullish Turn In 2021?

USD/JPY came down as expected and tested the lower trendline support of a potential ending diagonal placed in wave Y that can be a final part of a complex corrective drop down from 111.70. However, to call any change in trend is tricky, so it's important to follow the rules, therefore we are waiting on a possible impulsive rise, which in our case means we need five waves up from near-term support levels and above the upper trendline, ideally back to 106 area to lock the lows "in". Only then we would start looking for much higher prices.

USDJPY, Daily

(Click on image to enlarge)

usdjpyDaily

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.