Trader, analyst and instructor with a 6-year experience

USD/JPY: Elliott waves (Dec. 2)

Daily. The pair’s building an upward impulse wave (V) of [V] of 1.

Chart. Daily USD/JPY

H12. We may be seeing the construction of the wave III. The first three parts of this wave are likely already formed. In the coming days USD/JPY will be forming the wave [4], which may take the form of an extended horizontal correction. This may take the whole week. It’s recommended to refrain from trading in that period, or go to the senior time frames.

Chart 2. H12 USD/JPY

H12. The figure shows the detailed layout of the wave [3]. According to the chart, the construction this wave is either complete or nearly so. The pair’s expected to move as drawn on the chart.

Chart 3. H12 USD/JPY

Roman Petuchov for FBS

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