USD/JPY: Elliott waves (Apr. 14)
By Roman Petuchov
Daily. The pair keeps forming the global upward impulse wave. At present it’s forming the final upward impulse (V).
Chart. Daily USD/JPY
H12. The pair’s forming a complex corrective wave IV, which takes the form of a Double Three. Once it’s complete, we’ll see a new uptrend V. The most important task for the near future is to determine the final point of correctional wave.
Chart. H12 USD/JPY
H4. The chart shows the layout of the last section. We are seeing that the pair has almost completed construction of the plane wave [y]. This week we expect a slight decrease in the wave (C), after which it will be completed. The approximate boundary, which can be reached by the bears, is shown at the picture.
Chart. H4 USD/JPY