Bullish Trend Broken! Where will UJ go next?With the impending US economic bust that is about to happen when the Dollar bursts (based upon the DXY and US30), I'm bearish on UJ for this week.
I see it continuing in an Elliot wave pattern to retest its low point from early last week. I want to see if price respects that low point or breaks below it for the continuation.
D-uj
UJ Quick +25 pip ShortQuick, Simple, Analysis based on price behavior I've seen over and over and over.
DXY Directional bias is bearish but we could expect a bullish Legg upwards, however I've learned Trends usually tend to keep trending in their direction until major support. So I would say chances are bigger UJ will dump since we went up a lot and DXY bias is still bearish for now.
USDJPY could hit between 111.20 and 112.93This pair was in a long running consolidation of wave B after a strong impulse up in wave A.
The wave B could have been finished already and we are heading north now.
The breakout above yellow resistance is needed.
Target is between 111.20 (C=0.618 of A) and 112.93 (C=A)