Trader, analyst and instructor with a 6-year experience

USD/JPY: Elliott waves (Mar. 3)

By Roman Petuchov for FBS

Daily. We are seeing the development of the global wave 1. The pair’s currently forming the wave (V).

Chart. Daily USD/JPY

H12. The price has gone according to an alternative scenario, and last week we didn’t see a strong growth impulse. This suggests that the construction of wave IV still continue.

Chart. H12 USD/JPY

H4. It seems that the wave IV is taking the form of a complex triple Zigzag. In the near future we expect a decline in the third Zigzag [z]. Trade carefully in such a complex correction and follow the rules of money management.

Chart. H4 USD/JPY

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