USD/JPY: Elliott waves (Dec. 16)
Daily. In line with the forecast the pair continues growth in the wave (V).
Chart. Daily USD/JPY
H12. The market finished building wave III of (V). The formation of the wave IV of (V) has already started. This wave can take form of an extended horizontal correction. Given the size of wave II, the construction of wave IV may last during the whole week. It’s recommended to refrain from trading in this period.
Chart. H12 USD/JPY
H4. The construction of the wave IV has just begun, so it’s too early to talk about its internal structure. As mentioned above, we expect flat market next week.
Chart. H4 USD/JPY
Roman Petuchov for FBS