Short term Elliott Wave view in USDJPY suggests that rally to 115.48 on 3/10 ended Intermediate wave (X). Decline from there is unfolding as a zigzag Elliott wave structure in which the first leg Minor wave A is subdivided in 5 impulsive waves. Down from 3/10 high, Minute wave ((i)) ended at 114.46, Minute wave ((ii)) ended at 115.195, Minute wave ((iii)) ended at 112.88 and Minute wave ((iv)) ended at 113.56. Cycle from 3/10 high is mature and Minor wave A has enough extension to be called complete, but more downside towards 110.088 – 111.12 area can’t be ruled out to complete Minor wave A. Afterwards, pair should bounce in Minor wave B in 3, 7, or 11 swing to correct cycle from 3/10 high before the decline resumes. We do not like buying the proposed bounce in Minor wave B and expect sellers to appear when Minor wave B bounce is done in 3, 7, or 11 swing later for another extension lower.
FWP Network > Forexhound.com > Analysis > Forex Analysis > Forex Market Overview > USDJPY Elliott wave View: Near bounce
USDJPY Elliott wave View: Near bounce
By Elliottwave-Forecast.com ()
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March 22, 2017
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Comments Off on USDJPY Elliott wave View: Near bounce
Forex Market Overview · Elliott Wave Analysis, ElliottWave, Forex, JPY, USDJPY
Forex Market Overview · Elliott Wave Analysis, ElliottWave, Forex, JPY, USDJPY

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