USD/JPY: wave analysis
By Roman Petuchov
Daily. Corrective wave IV continues. It is taking a form of a horizontal triangle.
Chart. Daily USD/JPY
H12. The market started a decline in a new corrective wave [e].
Chart. H12 USD/JPY
H4. Impulse (С) of [e] is currenctly being formed. Next week the market may extend the downside, but the new rising trend could start anytime soon. We would recommend you staying out of the market for a while. End of the wave IVwill be a risky time to enter the trade.
Chart. H4 USD/JPY