USDJPY Elliott Wave Analysis Suggests Short-term Prices Are Back In Bullish Mode

USDJPY reversed sharply from 97.75 region in this week, which appears to be an impulsive price action that also took out the upper side of a downward channel. These are all important signs for a change in trend, even if just temporary. With that said, we will be looking for higher USDJPY in days ahead as long as 97.75 low of a complex correction is in place. Ideally market will continue higher back to 100.60 region in impulsive fashion.
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Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com