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USD/JPY: Elliot wave analysis

Daily. Corrective wave [b] of 2 is still forming.

Chart. Daily USD/JPY

H4. Presumable we are witnessing the formation of the wave (E) of [b] which is the final wave of the horizontal triangle.

Chart. H4 USD/JPY

H1. The wave (E) is taking form of a-b-c Zigzag. When the corrective wave b is over, we expect upside impulse move to resume in the wave c. When the wave (E) is complete, we’ll see a downtrend in the wave [c] of 2.

H1. Daily USD/JPY

Roman Petuchov for FX Bazooka

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