USDJPY Targets 116.6

Ville Vainio

USDJPY continued the decline after NFP on Friday. My preferred wave count is looking for a 3 wave structure and is looking at this decline as wave 2 correction on the way higher. Fibonacci expansion tool on the charts gives targets of 118.6 and 116.6 respectively. These levels are 100% and 161.8% relationships for wave C to wave A.

USDJPY 4 Hour Chart

USDJPY 4 Hour Chart

USDJPY Daily Chart

USDJPY Daily Chart

Click Here For An Explanation of Ville’s Elliott Wave Labelling

Source: forexdaybreak.com

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