Currency Analyst since 2010

USD/JPY: Elliot wave analysis

Daily. The pair has formed a global upward wedge which represents the wave 1. If this assumption is true, we’ll see a corrective decline in the wave 2 in the coming months.

Chart. Daily USD/JPY

H4. The first wave W is over. Now one may expect a complex wave X to form. This week we’ll likely see the formation of this wave.   

Chart. H4 USD/JPY

H1. In the near term we expect the pair to make a corrective advance in the wave X. It’s risky to trade in this wave, so one has to be cautious.

Chart. H1 USD/JPY

By Roman Petuchov for FBS

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