Elliott Wave Analysis: USDJPY Could Face Some Gains In The Next Few Days

Gregor Horvat Wavetraders

On the updated chart of USD/JPY, we can see a nice and strong bullish turn taking place from around the 111.60 level, where we labeled end of a complex correction. As such, recent recovery gives us an indication for a completed double zig-zag correction and a suggestion that higher levels will now follow while market stays above 111.60. At the moment we see price trading lower in black wave 2 for a third leg of a three wave correction, that may experience some support around the 61.8 Fibonacci ratio.

USDJPY, 4H

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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