Currency Analyst since 2010

USD/JPY: Elliott waves (Feb. 17)

By Roman Petuchov

Daily. The pair keeps forming an ascending impulse wave (V).

Chart. Daily USD/JPY

H12. We are seeing the formation of the upward impulse. The pair has completed an impulse wave IV of this impulse.

Chart. H12 USD/JPY

H4. Wave IV took the form of beautiful and slim double Zigzag in line with our forecast. On the last section we have already seen growth in the wave [1] and the beginning of downward correction to the upward impulse [2]. In the next 2 days the correction will continue. When the decline is complete, we’ll see a bullish market which can be quite powerful.

Chart. H4 USD/JPY

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