USDJPY broke sideways range to the upside last week. We think pair is ending an Elliott wave cycle from 2/2 low and also from 1/16 low. Sideways consolidation in USDJPY is popularly believed to be a bullish Elliott wave triangle but momentum indicators are not supporting the bullish triangle view, it could still be a triangle in wave Y of a WXY correction. Expect to see a pull back from 119.60 – 120.32 area which we don’t like selling into and would use that as a buying opportunity as far as pivot at 1/16 (115.82) low remained intact. Key point of the video is that a cycle is ending in USDJPY and a pull back is expected soon.
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