E USD/JPY In A Temporary Pullback

USD/JPY made a sharp recovery last week, which gives us a suggestion that impulsive red wave 3) can already be complete at the 105.55 level. As such we see a recent rise as first wave A of a bigger pullback within red wave 4), followed by an intra-day drop which we labelled as leg B. Once wave B finds a base, a new minor five-wave recovery may unfold within leg C of  4), with possible resistance near the 109.00/110.45 area.

USDJPY, 4H

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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