USDJPY Chart Technical Outlook could produce a short 5th wave, with demand at 142.80
Not much to add to yesterday’s analyst report. We are assessed as within a choppy but bullish Elliott wave count (5 waves). The demand zone is located at 142.80. We have a strong supply zone located at 145.10. With this being located near the trend of higher highs of an ending wedge formation, we could see limited buying pressure and the potential for a short 5th wave. It should also be noted that other risk assets, especially YEN products, are close to exhaustion levels. For now, I prefer to stand aside.
