USDJPY Looking For A Final Push Higher
USDJPY is coming back to the upside after a nice ABC setback last week, which represents wave four that is now most likely completed. As such, we are tracking and observing a breakout into a 5th wave, which could potentially rise to the 152.50 to 153 area. But keep in mind that this will be the final leg within the higher degree sequence, so once new highs are reached, there can be some sharp reversal going on, especially if we consider that higher prices for USD/JPY increase the chances for the Bank of Japan to intervene in the forex markets. And these speculations and talk, could potentially cause a reversal for USD/JPY, but as I said, at a new high.
Grega
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On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
