USD/JPY: Elliot wave analysis
Daily. The pair keeps constructing the corrective wave [b] which has a form of a converging horizontal triangle.
Chart. Daily USD/JPY
H4. The final wave of the (E) triangle of [b] takes a form of a zigzag or a wave flat.
Chart. H4 USD/JPY
H1. It is quite possible that the wave (E) will become a wave flat. However, if the upside move extends a little, it will be better to mark this construction as a zigzag. In any case, the pair will soon reverse and enter the downtrend.
Chart. H1 USD/JPY
Roman Petuchov for FBS