Trader, analyst and instructor with a 6-year experience

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

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