Trader, analyst and instructor with a 6-year experience

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

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