USD/JPY Completes Bullish Wave-3 and Awaits Wave-4 Pullback

The USD/JPY has made a bullish continuation towards the -61.8% Fibonacci target – as expected in our previous UJ Elliott Wave analysis. The bearish 4 hour candlestick pattern, however, is indicating a pause within the uptrend. What can traders expect next? Let’s review. The USD/JPY seems to have completed a bullish wave 3 (grey). The strong and lengthy push up for 200+ pips from 103.50 to 105.75 is typical for such an impulsive wave 3. The recent bearish engulfing candlestick pattern, however, could signal the end of the bullish momentum… and the start of a bearish correction. Such a pullback is likely … (full story)

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