Sat, Feb 04, 2023 @ 08:45 GMT
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More Weakness on USD/JPY after Corrective Rally

We have a busy week ahead, with plenty of important data for the interest rates policy in US, UK and EU. We have US CPI already tomorrow, which will be interesting data as speculators will put their bets on FOMC decision which is schedule a day later. From an Elliott wave perspective, I still focus on the 10 year US notes, where I see price coming back into a wave four, so short-term weakness on bonds can support USD while stocks can drop lower. However, that’s only for the short-term correction, the mid-term trend is still down for the USD which is clearly defined on USDJPY after five wave drop from 151.92. I will again turn bearish on USD across the board after USDJPY completes corrective rise. Nice resistance is at 140-142.30.

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