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Elliott Wave Analysis: USD/JPY Searching For A Potential Reversal Zone

Published 01/16/2017, 05:01 AM
Updated 07/09/2023, 06:31 AM

USD/JPY is in a strong bullish mode for the last few months so current pullback is just a temporary pause within an uptrend that may look for a support at 112.00-113.50 region. We see this bearish activity as corrective wave 4, that seems to be unfolding as a double zig-zag pattern. If that is the case then reversal should be near as structure shows all needed sub-waves for a valid fourth wave. From a confirmation point of view, a bounce back to 115.47 would be a trend changer.

USD/JPY, 4H
USD/JPY 4 Hourly Chart

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