USD/JPY: Elliott waves (May 19)
By Roman Petuchov
Daily. The rising wedge has been forming during the last few years. Within this wedge we see construction of the final upward wave (V).
Chart. Daily USD/JPY
H12. The pair’s now forming the final wave IV, which is taking form of a Double Three with a downward bias. Wave [y] of IV is a simple Zigzag.
Chart. H12 USD/JPY
H4. In the near future we expect a decline within an impulse (C). When the wave (C) is fully built, we’ll likely see a reversal.
Chart. H4 USD/JPY