Elliott Wave Analysis: USD/JPY Rallying Higher As Impulse
Elliott Wave Forecast | Jul 19, 2018 02:07AM ET
USD/JPY short-term Elliott Wave analysis suggests that the pullback to 110.28 low ended Minute wave ((ii)) pullback. The internals of that pullback unfolded as Elliott wave impulse structure. Up from 110.28, the rally to 111.35 high ended Minutte wave (i) of ((iii)) as 5 waves. Afterwards, the pullback to 110.74 low ended Minutte (ii) of ((iii)), and pair rallied again in another 5 waves within Minutte wave (iii) of ((iii)) which ended at 112.8. Down from there the pullback to 112.09 low ended Minute wave (iv) of ((iii)), and the last leg Minutte wave (v) of ((iii)) is proposed complete at 113.38. Minute wave ((iv)) pullback is currently in progress in 3, 7, or 11 swings to correct the cycle from 7/4 low (110.28) before pair resumes the rally higher. We don’t like selling the pair.
USD/JPY 1 Hour Elliott Wave Chart
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