USDJPY IN A BULL ADVANCE - ELLIOTT WAVE ANALYSIS

Hi Elliotticians, USDJPY is trading impulsively bullish on the hourly time frame. I am tracking a bigger, five-wave move, where price is currently unfolding a wave 3 of this move, and its five-wave sub-structure. Wave 3 can be in final stages, as latest recovery from 124.76 lvl. can already be labelled as sub-wave v of 3, with Fibonacci projection targets of 1.618,2.0 and 2.618 Fib. target, which is an extended target for a black wave 3. Ideally price will start to slow down around the 126.38/126.84 area, also area where the upper parallel channel line can react as resistance.

A sharp, impulsive reversal would suggest a completed wave 3, and a wave 4 correction to be underway. A break below the lower parallel channel line would suggest a deep wave 4 pullback to be unfolding, with support at the 124.76 lvl..

Trade well.