USD/JPY Elliott Wave View: Ending A Cycle
Elliott Wave Forecast | Mar 29, 2017 02:51AM ET
We are taking the more aggressive view in USD/JPY and calling the rally to 115.48 on 3/10 as Intermediate wave (B). Decline from there is unfolding as a zig zag Elliottwave structure where Minor wave A ended at 110.077 low with subdivision of 5 impulsive waves . In this alternative view, current bounce will then be bigger as it’s a Minor wave B bounce to correct decline from 3/10 high (115.52), but still as far as pivot at 115.2 stays intact, pair should resume lower again in Minor C. This alternate view is the less aggressive view but still calling for more downside in the pair as far as pair stays below 3/10 high. In both views (aggressive and less aggressive), we don’t like buying the pair.
1 Hour USD/JPY Elliott Wave Chart
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