• 2 hours Alibaba-Backed Tesla Competitor Set To IPO In The U.S.
  • 4 hours Emerging Economies Could Get Left Behind In Race For COVID Vaccine
  • 20 hours Dead Malls Could Be Amazon’s Next Target
  • 1 day Unpacking Biden's Energy Plan
  • 1 day Russia Aims To Become World's Top Gold Producer
  • 2 days Global Tech Stocks On Edge Over Trump TikTok Ban
  • 2 days Cobalt Squeeze Threatens The Electric Vehicle Boom
  • 3 days COVID Has Sparked A Surge In Cybercrime
  • 3 days Precious Metals Bulls Still Have Plenty Of Room To Run
  • 4 days The U.S. Has The Tech To Go Green, But Will It Use It?
  • 4 days Massive Losses Force Russian Commodities Giant To Slash Dividends
  • 5 days Markets Up On Stimulus Hope
  • 5 days UK To Invest In Europe's First Geothermal Lithium Recovery Plant
  • 6 days TikTok Takes Center Stage In US-China Tech War
  • 6 days Are Semiconductor Stocks Overvalued?
  • 7 days Jobs Report Doesn’t Say Much Amid COVID Uncertainty
  • 7 days Crypto FOMO Heats Up As Bitcoin Climbs Above $11,000
  • 8 days Aluminum Is Bouncing Back In China
  • 8 days The Deep-Sea Mining Debate
  • 9 days Markets Trending Down Despite Tech Blow-Out
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…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

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

Elliott Wave USDJPY

USDJPY Elliott Wave View: Turning Lower

Short term USDJPY Elliott wave view suggest that the decline from 7/11 peak is unfolding as a double three Elliott wave structure. Decline to 108.71 low ended Minor wave W and Minor wave X bounce ended at 110.95 peak. Subdivision of Minor wave Y is unfolding as a Zigzag structure. Minute wave ((w)) of ((Y) ended at 108.59 low and Minute wave ((x)) of (Y) bounce is proposed complete at 109.82.

However, a break below 108.59 is needed to add conviction to this view. Until then a double correction in Minutte wave ((x)) can’t be ruled out. Near term, as far as pivot from 110.95 peak stays intact, expect pair to extend lower in Minute wave ((y)) or pullback in 3 waves at least. We don’t advise buying the pair and expect more downside in the pair towards 107.46-106.92 area next before a bounce is seen.

USDJPY 1 Hour Elliott Wave Chart

Double Three is the most important pattern in Elliott wave’s new theory and probably the most common pattern in the market these days. Double three is also known as a 7-swing structure. It is a very reliable pattern that gives traders a good opportunity to trade with a well-defined level of risk and target areas. The image below shows what Elliott Wave Double Three looks like. It has labels (W), (X), (Y) and an internal structure of 3-3-3. This means that all 3 legs has corrective sequences. Each (W) and (Y) is formed by 3 wave oscillations and has a structure of A, B, C or W, X, Y of smaller degrees.

By Elliott Wave Forecast

Back to homepage

Leave a comment

Leave a comment