USD/JPY Elliott Wave Daily Analysis - March 13

By @ibtimes on

The chart shows the movement after the reached high 99.66. The fall to 95.66 is obviously corrective in nature. This means that a new rise above 99.66 is forthcoming. The question here is if this will happen directly from current levels or after one more low below 95.66. I shown both possibilities on the chart and a key support upon me is 97.13. A fall below it will signal possible initial low below 95.66 before the expected rise above 99.66. On the other side as long as the dollar stays above the indicated support, the scenario for a direct rise is still possible. I don€™t have any partiality for any of the shown scenarios so I prefer to be neutral until the situation becomes clearer.

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.

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