USDJPY best reading of Elliott Wave cycles suggests pair is doing a triple three move which is an 11 swing Elliott wave structure from 118.09 (2/15) low. Area between 119.90 – 120.22 is expected to be tested to end this cycle before the pair pulls back in wave X. It’s not a good place to chase the longs at current levels and as trend is still to the upside, we are not interested in selling either. Once wave W is over, we expect the pair to find buyers in the dips in 3, 7 or 11 swings as far as pivot at 2/15 (118.09) low remains intact. If this pivot gives up during proposed X pull back, then pair would look for equal legs down from 120.48 and would be expected to find buyers again as far as pivot at 1/16 low remained intact.
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