USD/JPY: wave analysis for Jan. 12-16
Weekly. At the weekly chart we can see that during the last 3 years on the pair has been forming a strong upward trend, which is close to an end. Let’s consider the layout of the last section in detail.
H12. After USD/JPY finished the correctional wave [IV] which took form of a triangle, the growth continued in the impulse [V]. Now USD is forming correction (IV) of [V]. After its completion the bullish rise will continue. Consider the marking of the fourth wave on H4.
H4. It’s very likely that the wave (IV) is taking form of the wave plane. If this assumption is true, this week we’ll see a decrease in the impulse wave C of (IV).