By Admiral Markets
The USD/JPY is recovering from a recent drop and we can see a bullish structure forming on intraday time frame. The structure is a bullish Wolfe Wave where point 4 is between point 1 and 2 and that accounts for a strict bullish Wolfe Wave. Breakout of 113.45 could be a sign for bullish wave towards 113.70 and 114.00. EPA (Estimated Price at Arrival) or final TP per Wolfe Wave rules is the intersecting 1-4 line which points to 115.30 level. If the breakout is confirmed we might see development to EPA over next few days. 114.00 is ATR projection for intraday targets.
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Article by Admiral Markets
Source: USD/JPY Bullish Wolfe Wave Confluence with ATR
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