Elliott Wave Analysis: USD/JPY Trading In A Higher Degree Correction
Gregor Horvat | Nov 28, 2016 04:18AM ET
A strong rally on USD/JPY suggests that market is in bigger and more complex recovery which can be wave B of a higher degree as shown on a daily chart. If that's the case then on the 4h chart leg up from August low is sub-wave C-circled that should reach much higher levels after a pullback down into a sub-wave 4, which can be around the corner now since we can count five minor waves up in extended wave 3 near 261.8 Fib. resistance.
USD/JPY, 4H
USD/JPY, Daily
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