USD/JPY: Elliot wave analysis
Daily. The pair keeps forming corrective wave [b], which is taking the form of an extended horizontal correction.
Chart. Daily USD/JPY
H4. The wave (D) may be complete. If this assumption is true, we will soon see an increase in the wave (E). However, there is an alternative scenario: the decline in the wave (D) continues, as reflected in the following chart.
Chart. H4 USD/JPY
H1. The chart shows the detailed layout of a rather complicated area. You have to be very careful in such a market. Both versions of the upcoming move are shown at the picture.
Chart. H1 USD/JPY
Roman Petuchov for FX BAZOOKA