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Trader, analyst and instructor with a 6-year experience

USD/JPY: Elliot wave analysis

Daily. Wave 1 of the rising wedge is close to an end.

Chart. Daily USD/JPY

H4. We are probably witnessing the wave IV of the final rising impulse wave (V).

Chart. H4 USD/JPY

H1. The detailed marking on H1 shows the pair’s at a complicated area of the marking. We have adopted an assumption that the wave IV is taking the form of the double Zigzag. If this assumption turns out to be correct, in the near term we’ll see a decline in the wave [Y] of IV as it’s shown on the picture.  

Chart. H1 USD/JPY

Roman Petuchov for FBS

 

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