Trader, analyst and instructor with a 6-year experience

USD/JPY: Elliott waves (Dec. 23)

Daily. The pair continues building the final upward impulse wave.

Chart. Weekly USD/JPY

H12. The wave III is complete, so we expect a slight corrective decline in wave IV. Most likely this wave will take form of an extended horizontal correction. It’ll likely end between the two horizontal lines.

Chart. H12 USD/JPY

H4. The figure shows the detailed layout of the wave III. The wave [2] of III is a plane wave (simple figure), while the wave [4] of III is a sloping triangle (complex figure). All markings, in general, look quite good. In the near future we can expect corrective decline in wave IV.

Chart. H4 USD/JPY

Roman Petuchov for FBS

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