USD/JPY To Resume Lower Again
Elliott Wave Forecast | Apr 07, 2016 12:02AM ET
USD/JPY
Revised short-term Elliottwave structure suggests decline from wave ((X)) at 113.8 is unfolding as an impulse 5 wave structure where wave ((i)) ended at 111.98, wave ((ii))) ended at 112.67, and wave ((iii)) is in progress. Internal of wave ((iii)) is also in impulsive structure and wave (iii) of ((iii)) is expected to complete at 108.58 – 108.98 area, then it should bounce in wave (iv) of ((iii)) before the decline resumes in wave (v) of ((iii)). We don’t like buying the proposed bounce in wave (iv) of ((iii)) and as far as pivot at 110.65 stays intact during the bounce, expect the pair to resume lower again in wave (v) of ((iii)).
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