• 271 days Could Crypto Overtake Traditional Investment?
  • 276 days Americans Still Quitting Jobs At Record Pace
  • 278 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 281 days Is The Dollar Too Strong?
  • 281 days Big Tech Disappoints Investors on Earnings Calls
  • 282 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 284 days China Is Quietly Trying To Distance Itself From Russia
  • 284 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 288 days Crypto Investors Won Big In 2021
  • 288 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 289 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 291 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 292 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 295 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 296 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 296 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 298 days Are NFTs About To Take Over Gaming?
  • 299 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 302 days What’s Causing Inflation In The United States?
  • 303 days Intel Joins Russian Exodus as Chip Shortage Digs In
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: Flat Correction

Short term Elliott Wave view in USDJPY suggests that cycle from 3/10 peak (115.53) has ended with Minor wave A at 110.589. Decline from 115.53 is unfolding as a 5 waves impulse Elliott wave structure with an extension where Minute wave ((i)) ended at 114.46, Minute wave ((ii)) ended at 115.19, Minute wave ((iii)) ended at 110.7, Minute wave ((iv)) ended at 111.59, and Minute wave ((v)) of A ended at 110.59. USDJPY ended cycle from 3/10 peak and correcting that cycle in wave B bounce in 3, 7, or 11 swing.

Wave B bounce is unfolding as an Expanded Flat Elliott wave structure where Minute wave ((a)) ended at 111.48 and Minute wave ((b)) ended at 110.077. Minute wave ((c)) of B ideally ends at 111.29 - 111.65 area or 1.236 - 1.618 extension of Minute ((a)) and ((b)) and from the area, pair should then either resume to a new low or at least pullback in 3 waves. However, due to the nature of an expanded Flat structure, wave C of a Flat can extend even beyond 1.618 extension. In other words, cycle from 3/27 low ideally ends at 111.29 - 111.65, but can also extend a bit higher and still considered to be part of the same Flat structure starting from 3/27 low. The more important invalidation level therefore is the pivot at 3/10 high (115.53) and wave B bounce should unfold in 3, 7, or 11 swing and the bounce is expected to stay below 115.53 for the next extension to the downside. 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