Currency Analyst since 2010

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

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