USDJPY did not accelerate to the upside yet, so it seems that we will have to wait on a bullish price action a little longer, As such, we adjusted the wave count and suspect that pair is in final stages of a wave (4) now. We however are still observing a triangle that should be near completion. We see wave E) down that could look for a bottom around 97.00 area from where we could reverse up in wave (5). An impulsive rally from current zone would be a confirmation for a new bullish period on USDJPY.
USDJPY Elliott Wave Analysis Daily Chart
On 4h Chart, USDJPY is still in bearish mode and testing 97.00 level where we see some very important Fibonacci levels that could react as a strong support for the pair. In fact, we are tracking wave E from 100.55, which is a final leg within larger fourth wave triangle so bullish reversal could be near, and should not be a surprise if we consider that decline from early September is looking corrective in nature with its overlapping wave structure within corrective channel., labeled now as a simple A-B-C move.We however need an impulsive bounce in price back to 98.70 swing high to confirm low in place.
USDJPY Elliott Wave Analysis 4h Chart