Trader, analyst and instructor with a 6-year experience

USD/JPY: Elliot waves analysis

Daily. The pair keeps forming the wave [b]. Then this wave is complete, we’ll see a decline in the wave [c] of 2.

Chart. Daily USD/JPY

H4. At the moment the pair’s forming the wave (E) in line with the forecast. Most likely, the next week the construction of this wave will continue, as shown at the chart.

Chart. Daily USD/JPY

Daily. The chart shows an alternative that must be considered in trading. There’s a possibility that the construction of wave 1 is not yet complete. Now we are seeing the formation of the wave (IV) in the form of a horizontal triangle, and this wave has already been completed. If this assumption is true, in the near future we’ll see a significant increase in wave (V). However, no matter which option is chosen by the price movement, we’ll be waiting for an upward movement this week.

Chart. Daily USD/JPY

Roman Petuchov for FX BAZOOKA

Scroll to top