USD/JPY looks for correction before moving to new highs – EW-Forecast

FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, uses Elliott Wave Analysis to give the technical outlook for USD/JPY, expecting the pair to undergo correction before moving towards 124 levels.

Key Quotes

“USDJPY Broke the triangle on larger time frame. We are tracking possible corrective pull back in the blue wave (ii). Once correction is done, USDJPY will move to the new highs.”

“Our primary count on Daily charts shows that USDJPY can be targeting 124 area where it will be completing black wave 5.”