• 2 days Bitcoin Lives Up To Its Safe Haven Status In A Big Way
  • 2 days 14 Million People Will Lose Unemployment Benefits On December 31st
  • 4 days Why 12 Million American Millionaires Isn’t Good News
  • 5 days Big Oil Is Paying The Price For Investing In Renewables
  • 6 days The Banking Industry’s $35 Billion Gravy Train Could Disappear
  • 7 days Did Amazon Just Democratize Prescription Drugs?
  • 8 days The Private Space Race Just Got Very Real
  • 10 days Short Sellers Are Willing Big In This Turbulent Market
  • 11 days SpaceX Gets Go-Ahead To Send Humans Into Space
  • 12 days Saudi Arabia Lost $27 Billion In Oil Crash
  • 13 days China’s Big Tech Takes A Hit As Regulators Crack Down
  • 14 days Black Friday Could Be Retailers’ Only Hope
  • 15 days Why You Should Not Dump Your Stay At Home Stocks Just Yet
  • 16 days The Real Reason Why Uber And Lyft Stocks Have Soared Nearly 50%
  • 18 days Bitcoin Heads Towards $16,000 And No One’s Cashing In
  • 19 days Elon Musk’s $250 Tesla Tequila Is Already Sold Out
  • 20 days Will The San Francisco Wealth Tax Spark An Exodus Of The Rich?
  • 21 days The Fin-Tech IPO Of The Century Just Got Crushed
  • 22 days UK Bookies Report Largest-Ever Political Bet Ahead Of Election Results
  • 23 days Better Safe Than Sorry: 5 Alternative Investment Plays
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to…

Contact Author

  1. Home
  2. Markets
  3. Other

USDJPY Elliott Wave View: Extension Lower

We are taking the more aggressive view in USDJPY and calling the rally to 115.48 on 3/10 as Intermediate wave (B). Decline from there is unfolding as a 5 waves impulse Elliott wave structure with an extension in wave 3. Down from 115.5, Minor wave 1 ended at 114.46 and Minor wave 2 ended at 115.2. Minor wave 3 is extended and further subdivided into 5 impulse waves where Minute wave ((i)) ended at 112.88, Minute wave ((ii)) ended at 113.56 and Minute wave ((iii)) ended at 110.59, Minute wave ((iv)) ended at 111.34, and Minute wave ((v)) of 3 is proposed complete at 110.077. Minor wave 4 bounce is currently in progress towards 111.27 - 112.02 area, which is 23.6 - 38.2 retracement of Minor wave 3, before further downside is seen to complete Minor wave 5 towards as low as 106.85 - 108.5 area. Bounce is expected to be limited and shallow.

If the current bounce gets too big, then as an alternate, the move lower in USDJPY from 115.5 high 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 USDJPY Elliott Wave Chart

USD/JPY 1-Hour Chart
Larger Image


Elliott Wave Degree

 


At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday - Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Trial to sample everything we have to offer.

 

Back to homepage

Leave a comment

Leave a comment