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Trader, analyst and instructor with a 6-year experience

USD/JPY: Elliot wave analysis

Daily. The pair keeps forming a declining corrective wave 2.

Chart. Daily USD/JPY

H4. We are witnessing the formation of the wave (С) of the Zigzag in the waveа 2. At the moment the market has formed waves [1] and (2) of (C). If the marking is correct, in the near term we’ll see a strong bearish market.

Chart. H4 USD/JPY

H1. The detailed marking on H1 shows that the wave (2) took form of the А-В-С Zigzag. When this wave was over, we saw a beginning of the powerful movement in the wave (3). The pair will probably keep declining.

Chart. H1 USD/JPY

Roman Petuchov for FBS

 

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