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USD/JPY – Up trend in 4 hours chart

Tuesday, February 28, 2017 13:26
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usd/jpyTrend is bullish in 4 hours time frame. Vital support is present at 111.59 price level. In last few trading days, price action in USD/JPY currency pair has moved up. In my judgement, current bullish price action is part of a Bullish Wave C leg. So, Wave B was a Zig Zag but it is possible that Wave B is still in progress.

As the trend is still up, we could look for a buy trading opportunity once price action shows us few bullish bars. However; price should stay above 111.59 support level or bullish Elliott Wave count will become in-valid. In such case, I will stay out of the market and re-analyze the price action in 4 hours chart of USD/JPY currency pair.


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