USD/JPY: Elliot wave analysis
Daily. The wave 1 which looks as a wedge keeps forming. US dollar will probably renew the previous high. After that we’ll see a decline in the wave 2. Still we can’t rule out an alternative variant, according to which the wave 1 is already over and we are now seeing only a corrective falling wave 2.
Chart. Daily USD/JPY
H4. According to our base scenario, the market’s forming corrective wave IV. This wave may be over either in the recent days or later. Alternative scenario is shown on the picture with a question mark. In this case the fourth wave will take the shape of the long horizontal correction.
Chart. H4 USD/JPY
H1. The detailed marking on H1 shows that the pair keeps forming corrective wave [X] which may be taking a form of a triangle. After this wave is finished, the decline will resume in the wave [Y].
Chart. H1 USD/JPY
Roman Petuchov for FBS