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Trader, analyst and instructor with a 6-year experience

USD/JPY: Elliot wave analysis

Daily. The wedge is complete and global corrective wave 2 is now enfolding. This wave may take a form of a Zigzag or a double Zigzag. Let’s examine its structure in detail.

Chart. Daily USD/JPY

H4. We are witnessing the formation of the first (a)-(b)-(c) Zigzag. We assume that the waves (a) and (b) are complete and the wave (c) has already started forming. At the moment the downside impulse wave [3] of (C) is still developing.  

Chart. H4 USD/JPY

H1. Watch the detailed marking on H1. We expect the continuation of the monotonous decline in the wave [3].  

Chart. H1 USD/JPY

Roman Petuchov for FBS

 

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