Trader, analyst and instructor with a 6-year experience

USD/JPY: Elliot wave analysis

Daily. We are witnessing the formation of the global corrective wave 2. The pair’s currently forming a corrective wave [b], which is taking the form of a narrowing horizontal triangle. Trading in a triangle is a very complicated thing, so it explains the many failures here.

Chart. Daily USD/JPY

H4. The pair has finished the wave (С) of [b] and now is forming the descending wave (D). Until the wave [b] is complete, it’s dangerous to trade this pair as the moves may be unpredictable.

Chart. H4 USD/JPY

H1. Here’s the detailed marking of the wave (С). The wave (D) will likely take form of a Zigzag. The pair has already started the first impulse of this Zigzag.

Chart. H1 USD/JPY

Roman Petuchov for FX Bazooka

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