USD/JPY: Elliot wave analysis
Daily. The pair keeps forming a declining corrective wave 2 after a global uptrend in the wave 1.
Chart. Daily USD/JPY
H4. We are probably witnessing the formation of the (a)-(b)-(c) Zigzag. At the moment the pair’s forming the wave (с) of this Zigzag.
Chart. H4 USD/JPY
H1. As expected, last week the pair was declining. The greenback is likely to fall in the near term in the wave 5 of (3). After that there will be a corrective wave (4) which may take form of a flat (fourth waves are often horizontal). The approximate trajectory is shown on the picture.
Chart. H1 USD/JPY
Roman Petuchov for FBS