USD/JPY: Bounce Before More Downside
Elliott Wave Forecast | Apr 05, 2016 11:34PM ET
USD/JPY
Short-term Elliottwave structure suggests decline from wave ((X)) at 113.8 is unfolding as a zig zag structure (5-3-5 structure) where wave (a) ended at 111.98, wave (b) ended at 112.67, and wave (c) of ((w)) is proposed complete at 109.93. Pair is currently correcting the decline from 113.786 in wave ((x)) towards 111.86 – 112.31 area, then as far as wave ((X)) at 113.8 pivot stays intact during the bounce, expect the pair to extend to the downside once wave ((x)) bounce is complete in 3, 7, or 11 swing. We don’t like buying the proposed bounce in wave ((x)).
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