Elliott Wave Live: USDJPY Trading At Technical Support Ahead Of BoJJan 17, 2023

USDJPY is trading lower, but it’s moving into a technical support, so be aware of a rally before market turns even lower.

There was a US holiday yesterday, so markets were mostly slow, despite JPY which is moving a lot lately due to JPY speculations ahead of BoJ this week. Investors and traders will be watching JPY closely as there is some speculation that BOJ can change its policy, and possibly even remove the YCC. So it’s not a surprise to see JPY very strong, as investors are buying JPY, with large speculators building on longs, heavily! But we see that as extreme sentiment, so the opposite may occur. I am very interested to see the reaction at this wedge support line. A bullish turn would be confirmed above 131.00.
The pair however is bearish, no doubt, but for any shorts we think it’s a bit risky down here. Much more interesting and stronger sell-off can occur after a bounce.

For more analysis make sure to check the recording of our live session.

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