Elliott Wave Analysis: USDJPY Extending Higher As Impulse
|USDJPY short-term Elliott Wave view suggests that the rally to 111.13 high ended Minute wave ((i)). Down from there, the pullback to 110.24 low ended Minute wave ((ii)). The internals of that pullback unfolded as a Flat Elliott Wave structure where Minutte wave (a) ended in lesser degree 3 swings at 110.77. Then bounce to 111.10 ended Minutte wave (b). And Minutte wave (c) of ((ii)) ended in 5 waves at $110.24 low.
Up from there, Minute wave ((iii)) remains in progress. And rally higher is showing the sub-division of 5 waves in lesser degree cycle suggesting an impulse structure. Above from $110.24 low, Minutte wave (i) of ((iii)) ended in 5 waves at 111.35. The pullback to 110.74 low ended Minutte (ii) of ((iii)). A rally higher from there is expected to complete Minutte wave (iii) of ((iii)) soon in another 5 waves in between 161.8%-200% Fibonacci extension area of Minutte wave (i)-(ii)) at 112.56 – 112.93. Afterwards, the pair is expected to do a pullback in Minutte wave (iv) of ((iii)) before another push higher is seen. We don’t like selling it. And as far as a pivot from 110.24 low holds pair is expected to see more upside.
USDJPY 1 Hour Elliott Wave Chart
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