$USDJPY 1 Hour Elliott Wave Analysis 7.7.2014

Preferred Elliottwave view suggests dip to 101.21 completed a corrective cycle from 102.79 peak. We have seen a 7 swing move higher from 101.21 – 102.26 which we believe completed wave A. Wave B pull back is in progress and can test 101.61 – 101.74 area before pair turns higher in wave C. There is some very clear structures in the market supporting this idea. . We don’t like selling the pair in proposed push lower and favor an extension higher as far as 101.21 low remains in place.

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