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Elliott Wave Forecast For USD/JPY: Bearish Setup

Published 07/15/2013, 09:58 AM
Updated 07/09/2023, 06:31 AM
USD/JPY
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The USD/JPY is reversing nicely, lower from the latest high which could already be start of a new larger impulsive price-action back to 98.20. Further intra-day weakness through today's U.S. session towards the lower support line of a corrective channel will suggest that wave B/2 is done. In such a case we will be looking for a short setup against wave B/2 high.
USDJPY 30min
Oil30
On the 4h chart we can see a sharp decline from 101.50, so we assume that the top is in place, at least temporarily and that the market will make three waves down. If that’s the case, then sooner or later the pair will make a third leg down to 97.00 this week.
USDJPY 4h
JPY 4h

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