USDJPY has reached equal legs up from 117.20 as was expected during the weekend Elliott wave update. Another high toward 120.25 is still expected to complete the current Elliott wave cycle i.e. wave (( w )) before we get a pull back in wave (( x )) and higher again. Risk / reward is not great for chasing longs here and as there is no red arrow on the chart and pull back is shown with a dotted line, so we don’t recommend selling into the pull back either. We expect (( x )) wave dip to find buyers in 3, 7 or 11 swings as far as pivot at 117.20 low remains intact in our system. Price should stay below 1.618 ext around 121.00 for this to stay as a 3 wave move up from 117.20 low.
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