Forex

Japanese Yen May Face A RecoveryFeb 29, 2024

Japanese Yen May Face A Recovery, as we see it breaking the trendline from technical point of view and from Elliott wave perspective.

Japanese Yen has been very weak since start of the year, but we can see a three-wave A-B-C corrective decline on Japanese Yen Futures chart, which can be now completed by current sharp reversal up above important trendline. So, we believe that Japanese yen may now face a recovery in the upcoming days/weeks, maybe months, just be aware of short-term pullbacks.

JPY Futures 4H Chart

If we take a look for example on CADJPY pair, we can see it turning down sharply while breaking the trendline, so if we get a lower degree five wave drop, then we can easily confirm top in place and bearish reversal, at least down to 108 area or maybe even lower.

CADJPY 4H Chart

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