JPY was pushed lower again while Japanese shares soared after a Bank of Japan member said that more monetary easing could be justified later this year.
USD JPY Elliott Wave Technical Analysis – Click image to enlarge
USDJPY reached levels around 94.40 but we see an incomplete impulse from 92.15 swing low which means that pair should continue higher.
We expect at least one more push up as current pull-back appears to be corrective black wave iv. Support for the pair comes in at 93.60/70.
S&P Futures are in a pull-back mode after a five wave rally from 1494. So far the decline looks corrective so we like the idea of incomplete uptrend. Support comes in around 1505. This count is also bearish for JPY, which means higher USDJPY.
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