USD/JPY: Elliot wave analysis
Daily. According to the forecast, we’ve seen the pair reverse downwards on the global scale. The pair keeps forming wave 2.
Chart. Daily USD/JPY
H4. The pair may be forming the wave W, so the entire corrective wave 2 may take the shape of the double/triple Zigzag. We are now witnessing the formation of the final wave [C] of the Zigzag in the wave W.
Chart. H4 USD/JPY
H1. US dollar has finished the wave (3) – the most powerful wave of the impulse. In the near-term we expect sideways flat in the corrective wave (4). After that we’ll see the final decline in the fifth wave. Then there will be some correction.
Chart. H1 USD/JPY
By Roman Petuchov for FBS