USDJPY is trading sharply higher for the last
two weeks, but resistance for bulls could be near as we can count five waves up
from 92.50 low. And we know that after every five waves correction follows. We
see current leg up as wave (v), final leg of a five wave rally that may look
for a top formation in the near-term, ideally around 100-psycho level.
Divergence on the MACD also suggests that bullish momentum and volume are
decreasing which is usually an important and early evidence for a coming
reversal. As such, pair could retrace
even back to 97.50 Sunday Gap in the next few sessions.
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