European
shares and US pre-market has been trading higher for the last couple of hours
and caused some downside on USD and JPY. Earlier we mentioned to our members
that we will keep them updated regarding the JPY pairs as there could be some
trading opportunity in the near future based on bearish S&P sentiment.
Below we have NZDJPY chart where decline can be counted impulsively, so current
rally should prove corrective. We would love to be short on that one, but we
need three legs up from 80.54. Current minor five wave rally in red labels
represents wave (a) of a zig-zag, so more sideways and even upside price action
to come.
NZDJPY 1H Elliott Wave Analysis Chart
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