Wed, Oct 05, 2022 @ 14:25 GMT
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Elliott Wave Analysis: USD/JPY Back to the Highs

US stocks came down, this time with the USD as US yields found some resistance. But the main theme at the moment is JPY, which some sharp sell-off across the board following the latest BoJ policy remarks. »The bank will support financing, mainly of firms, and maintain stability in financial markets, and will not hesitate to take additional easing measures if necessary; it also expects short- and long-term policy interest rates to remain at their present or lower levels«. That sounds very dovish, so CB policy divergence between US and Japan is causing another bounce on USDJPY. We see nice intraday bounce that can take pair back to the highs, into wave five towards 136.50/137.00. Keep in mind that after every five waves market can slow down again, for another correction.

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