Since starting of this year 2014 we have seen consolidation pattern developing on USD/JPY pair.As we can seen in the above chart USD /JPY pair approaching channel line of ABC corrective wave. as per my Elliott wave count this pair already finished Wave A and Wave B of ABC corrective pattern . Now progressing wave C of [b] in pink, this [b] wave moving continuously upside from starting of this month and approching major level 103 and also downtrend channel line ABC corrective pattern.
Looking at the Monthly and Weekly Pivot Resistance level are fall on the 103 level. So Usd/JPY pair is struggle to move beyond this major resistance level.
I am expecting this Corrective pattern will fall below 100 level. From that level we expect more buyers are participate in this pair and push the pair beyond JAN-2014 high.
