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