A Confluence of Bullish Indications on USDJPY
The price action jumped today following the release of the stronger-than-expected U.S. headline inflation numbers. However, the upswing was not able to break out above the previous swing peak at 116.300.
The current dropdown is most likely to find the necessary support at the 61.8 per cent Fibonacci retracement level at 115.256, which is where the correction is likely to bottom out. This is also where the third and final impulse leg (4-5) is likely to begin developing, quite possibly driving the uptrend past the previous swing peak and into uncharted territory.
The current dropdown is most likely to find the necessary support at the 61.8 per cent Fibonacci retracement level at 115.256, which is where the correction is likely to bottom out. This is also where the third and final impulse leg (4-5) is likely to begin developing, quite possibly driving the uptrend past the previous swing peak and into uncharted territory.
