Forex

Elliott Waves on USD/JPY: Corrective Set-Back Can Stop at 108.30-109.00 Area

USD/JPY is moving south on Monday, but most-likely only into another corrective retracement that can be made by three wave structure; an A-B-C letters which may stop at one of the support levels. On the hourly chart below we can see that first one is at 109.00, while second area of a support would be at 108.40/108.60. We expect a bounce from one of those levels in days ahead, while 10 year US notes remains in current bearish mode. Keep in mind that daily trends is up and it can be pointing towards wave C.

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