USDJPY: Bulls eying 116.900/800 support by Reece Marini

USDJPY H4

UJ4

The Elliot Wave fraternity is closely watching the 1:1 (White) and 23.6 fib that coincide at 116.900/800, the stochastic is also entering oversold territory adding further weight to the level.

If this level fails to attract solid buying interest from the bulls a much larger correction is on the cards with the next support not seen until 113.780.

* A 1:1 refers to a current correction being equal in length to a prior correction

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