After a rally above 104 the pair Usdjpy swing push short above 103 in the next 2 weeks.
However, despite strong bullish sentiment in the last few sessions we see rally from 100.74 still in corrective manner. we are looking at a Elliot retracement a-b-c waves move back to 0.618 Fibonacci.
As such, current leg up to 103.80/104.00 can be wave 5 final leg in the pattern that may form a temporaly top around. We are waiting on impulsive bearish reversal signs, and that would be a decline back beneath 103.
However, despite strong bullish sentiment in the last few sessions we see rally from 100.74 still in corrective manner. we are looking at a Elliot retracement a-b-c waves move back to 0.618 Fibonacci.
As such, current leg up to 103.80/104.00 can be wave 5 final leg in the pattern that may form a temporaly top around. We are waiting on impulsive bearish reversal signs, and that would be a decline back beneath 103.