Elliott Wave Count For USD/JPY: Recovery Could Extend To 100 Level

The USD/JPY has been trading higher since Wednesday's FOMC statement. The pair broke above the upper trend-line of Elliott Wave channel, so we think five waves down in wave A)/1) is complete, and that market is in first leg of a minimum three wave corrective rally.

We are talking about wave B)/2) that might reach the 100 area later this week. Right now we see five waves up from 93.78, so we think that wave A is near completion. Be aware of a wave B pull-back in the near future.

Forex Analysis by Gregor Horvat at ForexPros. com