Usd Payback Time On Jpy
Upward price action as long as the 88.13 support holds
4 Hour Chart Flows: Short. Price Points: 88.13, and 90.67 Looking for: Wave B/2
Momentum: The pair moved into long mode after the Bank of Japan instigated further quantitative easing that will weaken the Jpy over time, but right now, the market is still holding long-Jpy positions.
Elliott Wave: Usd/Jpy is trading in a corrective decline, shown as a black wave B/2, after our black wave A/1 hit its highs at the 90.76. zone. A Short correction is incomplete, and the market should make at least one more push lower into wave (c), once a current wave (b) finds the intra-day highs somewhere below 90.67 resistance.
In the near-term we are expecting that the 89.00-89.30 support zone will be reached, from where an up-side continuation is expected.
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