USD/JPY Elliott Wave analysis: Approaching support
|USDJPY is coming down, but still trapped in a higher degree range so we assume that's a triangle in the making, possibly in late stages of the structure. Elliott wave guidelines suggests that when wave D) swing high and triangle resistance line are broken, that's when market is ready to resume the uptrend.
For now, that's not the case yet, so we have to be careful and wait on a rise above 110.80 before bulls can be back in play. Ideally pair is now in wave E), approaching the support. Any drop below 108.70 will indicate that higher degree correction will be more complex, with wave C then targeting 108.00 support.
USD/JPY 4h Elliott Wave analysis chart
Check more of our analysis for currencies and cryptos in members-only area. Visit EW-Forecast for details!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.