USD/JPY: Elliot wave analysis
Daily. The pair keeps forming descending wave 2 which aims at 78.6% Fibo.
Chart. Daily USD/JPY
H4. US dollar may be close to finishing the impulse wave a. In the near term we expect a corrective advance in the wave b.
Chart. H4 USD/JPY
H1. As we look into the situation in greater detail, we see that the downside impulse seems completed. It may be that we are now in a good place for longs. However, after a rapid move down there’s always a chance that the downtrend will continue, so one has to be careful.
Chart. H1 USD/JPY
By Roman Petuchov for FBS