Trader, analyst and instructor with a 6-year experience

USD/JPY: Elliot wave analysis

Daily. It’s possible that we are seeing now the formation of a global corrective wave 2. The construction of the correctional wave [b] is either complete or close to completion. However, the market is now in an uncertain situation. In this regard consider an alternative scenario.

Chart. Daily USD/JPY

Daily. According to this alternative scenario, now we are seeing the construction of a wave (IV), which is close to an end. When it’s complete, the upward trend will continue. Now we can’t say exactly which scenario is being implemented. We’ll monitor closely the developments.

Chart. Daily USD/JPY

H4. Here’s the detailed layout of the main scenario. The pair keeps forming the wave (E) which may be taking form of a zigzag or a flat. In the near future we expect the local upward movement to resume.

Chart. H4 USD/JPY

Roman Petuchov for FX BAZOOKA

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