Orbex

ORBEX: USDJPY Could be Heading For Wave 3 Completion Higher!

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY could move higher towards the 1.618x Fibonacci extension of the latest bullish minute pattern started on 107.88. This would validate the recent breakout above 109.32 as well as the intermediate degree structure which has a medium-term target near 114.55.

The pair, however, could have just ended the intermediate move to the upside at the 2x Fibonacci extension near 109.62. That would assume that the last upside move from 106.50 upwards is an ending triangle, and that the current intermediate degree labeling is invalid!

Stavros Tousios
Head of Investment Research
Orbex

This analysis is provided as general market commentary and does not constitute investment advice.