USDJPY Faces An Intraday Corrective Recovery after a bearish impulse, which can later send the price lower from technical and Elliott wave pespective.
USDJPY is sharply bouncing after reaching May lows within the wedge pattern for wave »v« of an impulse, so it can be now trading in a higher degree abc correction, which can recover the price back to 145 – 146 resistance area before bears return.
Basic bearish Elliott wave pattern shows that a five-wave impulsive decline indicates for more weakness after a corrective three-wave pause.
USDJPY is sharply bouncing after reaching May lows within the wedge pattern for wave »v« of an impulse, so it can be now trading in a higher degree abc correction, which can recover the price back to 145 – 146 resistance area before bears return.
Basic bearish Elliott wave pattern shows that a five-wave impulsive decline indicates for more weakness after a corrective three-wave pause.
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USDJPY is turning sharply down after reaching projected resistance within an abc correction, so bears can be back, and it can push the price back to May lows.
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