• 10 hours TikTok Is Becoming A New Battleground For Tech Politics
  • 15 hours Peru's Mining Industry Pummeled As Coronavirus Cases Surge
  • 17 hours Why The World Is So Divided In Its COVID-19 Response
  • 1 day Equities Cheer Stellar Jobs Report, But It May Be Fleeting
  • 2 days Is Tech Billionaire Peter Thiel Done With Trump?
  • 3 days Musk Takes To Twitter To Troll The SEC
  • 4 days Lunar Mining May Commence As Early As 2025
  • 4 days Immigration Will Go Bust Without $1.2B Bailout
  • 5 days The Economics Of The Space Race
  • 6 days Why The World's Central Banks Aren't Yet Sold On Renewables
  • 6 days How Much More Cash Can Uber Burn?
  • 7 days Inside The Biggest Counterfeit Gold Scandal In Recent History
  • 7 days EU-U.S. Trade Relations Are Deteriorating
  • 7 days Over 184 Companies Have Bailed On Facebook
  • 8 days BP Sells Petrochemical Business For $5 Billion
  • 8 days U.S. Moves To Secure Domestic Rare Earth Supply
  • 8 days E-Commerce Explodes As Boomers Go Digital
  • 9 days Major U.S. Cities Are Turning To Renewables
  • 9 days Economic Reopening Backfires, COVID Surge Snaps Recovery
  • 10 days How Are Low Car Sales Impacting The Metals Market?
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

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…

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: Ending a Cycle

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