Elliott Wave Analysis: USDJPY Looking for Further Strength

Short term Elliott Wave View in USDJPY suggests that the pullback to 112.27 ended Minute wave ((x)). Internal of Minute wave ((x)) unfolded as a zigzag Elliott Wave structure where Minutte wave (a) ended at 113.07, Minutte wave (b) ended at 113.7, and Minutte wave (c) of ((x)) ended at 112.27. Minute wave ((y)) rally is now progressing as a double three Elliott Wave structure. Up from 112.27, Minutte wave (w) ended at 114.04 with internal as a zigzag Elliott Wave structure. Subminutte wave a of (w) ended at 113.23, Subminutte wave b of (w) ended at 112.63, and Subminutte wave c of (w) ended at 114.04. Near term, Minutte wave (x) is expected to find support in 3-7-11 swing as far as pivot at 11/20 low (112.27) remains intact. We don’t like selling the pair.

USDJPY 1 Hour Elliott Wave Chart