USDJPY: Intraday Movement Indicates A Three Wave Retracement
November 21 2016
On the 1h chart of USDJPY we are observing a higher degree impulse taking place, that can be near completion at the start of this week, as all five needed waves can be counted from Nov 08 low. If that is the case, then we should be aware of a minimum three wave a-b-c set-back, ideally back to a support seen around the area of a former wave iv, at 108.52. Break beneath the lower channel line can put more bearish pressure in motion. Divergence also suggests that upside can be limited in the very near-term.
But don't get us wrong; generally speaking we are bullish USD, but observing few pairs and waiting on retracements to join the trend. For our taste current price of USDJPY is just too high to get long here.
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