Forex

Elliott Wave Analysis: USDJPY Yearly UpdateMar 22, 2022

Hello traders! Today we want to update our USDJPY chart from January 2021. When we mentioned and highlighted the bottom and bullish reversal with ending diagonal ( wedge ) pattern and weekly bullish engulfing candlestick formation. CLICK HERE

As you can see on the left, since then USDJPY is in massive and impulsive weekly rally within a five-wave cycle, where we are tracking final wave V. However, looking at the smaller time frame, in the 4-hour chart on the right. We can still see it trading in an extended wave V, which should be completed by a five-wave cycle of the lower degree.

That being said, seems like USDJPY has room for more upside. But currently it can be finishing wave (III) of V around EW channel resistance line, so be aware of a pullback in wave (IV) that can occur anytime soon.
Once USDJPY starts sharply falling back below EW channel support line. This is when we can start tracking a correction in wave (IV). Where ideal support would be around December 2016 highs and 118 area.

Trade well!

Elliott Wave Analysis: USDJPY Yearly Update by ew-forecast on TradingView.com

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close