USD/JPY: Elliot wave analysis

Daily. The pair is going through a rather complicated period of correction. We are witnessing the formation of the corrective wave 2 which looks like a Zigzag with the wave [b] in the form of triangle. As the triangle may easily transform into some other corrective pattern, there may be many scenarios for US dollar.

Chart. Daily USD/JPY

H4. Next week we may see the continuation of the corrective wave (D).

Chart. H4 USD/JPY

H1. We have shown one of the finest variants of marking. It’s necessary to keep in mind, however, that anything can happen the next week as there’s a triangle unfolding on the senior timeframe. We recommend staying out of trade on the senior timeframes until the market starts an impulse phase.

Chart. H1 USD/JPY

Roman Petuchov for FBS

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