USDJPY bottoms for now, but we will expect more weakness after rally, as we see a completed five-wave cycle from Elliott wave perspective.
USDJPY came sharply down in the last few weeks, away from 150/152 high, from where we can even count five waves down as part of a new bearish cycle, especially if we consider that pair is also breaking the trendline support on a daily chart. As such, we will go with a bearish look and will be looking for further weakness after any higher-degree three-wave rally which can show up in December. Resistance is at 142.30 and 145.56 from where we will expect more weakness on USDJPY.
Interested in Crypto? Dash may have found the strong support. Check our free chart HERE