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