Short term USDJPY Elliott wave view suggests the decline from 7/11 peak is unfolding as a double three Elliott wave structure. Decline to 108.71 low ended Minor wave W and Minor wave X bounce ended at 110.95 peak. Subdivision of Minor wave Y is unfolding as another double three structure of a lesser degree. Minute wave ((w)) of ((Y) ended at 108.59 low and revised view suggests Minute wave ((x)) of (Y) bounce remains in progress to correct cycle from 8/16 peak towards 110.05 – 110.35 before pair turns lower. We don’t like buying the proposed bounce, and as far as pivot at 110.95 remains intact, expect sellers to appear at 110.05 – 110.35 for a new low or at least pullback in 3 waves.
FWP Network > Forexhound.com > Analysis > Forex Analysis > Forex Market Overview > USDJPY Elliott Wave view: Double Correction
USDJPY Elliott Wave view: Double Correction
By Elliottwave-Forecast.com ()
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August 25, 2017
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Comments Off on USDJPY Elliott Wave view: Double Correction
Forex Market Overview · Elliott Wave Theory, ElliottWave, FXY, JPY, USDJPY, Yen
Forex Market Overview · Elliott Wave Theory, ElliottWave, FXY, JPY, USDJPY, Yen

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