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USD/JPY Elliott Wave View: Double Correction

Published 08/24/2017, 10:46 PM
Updated 03/09/2019, 08:30 AM
USD/JPY
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Short term USD/JPY Elliott wave view suggests 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 another double three structure of a lesser degree.

Minute wave ((w)) of ((Y) ended at 108.59 low and revised view suggests Minute wave ((x)) of (Y) bounce remains in progress to correct cycle from 8/16 peak towards 110.05 – 110.35 before pair turns lower. We don’t like buying the proposed bounce, and as far as pivot at 110.95 remains intact, expect sellers to appear at 110.05 – 110.35 for a new low or at least pullback in 3 waves.

USD/JPY 1 Hour Elliott Wave Chart

USD/JPY Aug 25V


Elliot Wave Degree

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