Elliott Wave perspective: USD/JPY targets completion of seven swing rally [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

The USD/JPY pair exhibits an incomplete bullish sequence originating from the April 22, 2025 low, signaling potential for further upside. We can project the extreme target area for this rally can be projected using using the 100% to 161.8% Fibonacci extension from the April 22 low. This places the target range between 150.88 and 156.33. The ongoing rally from the May 27, 2025 low is unfolding as a double three Elliott Wave structure. This structure has two zigzag corrective structure driving the upward momentum.

From the May 27 low, wave W concluded at 148.03. A corrective pullback in wave X then followed, which bottomed at 142.67. Currently, wave Y is in progress, with internal subdivision as a zigzag pattern. From the wave X low, wave ((a)) peaked at 149.18, followed by a corrective wave ((b)) that unfolded as a zigzag. Within this structure, wave (a) ended at 147.81 and wave (b) reached 149.08. Wave (c) completed at 145.87, finalizing wave ((b)) in the higher degree. The pair has since resumed its ascent in wave ((c)), developing as a five-wave impulse.

From wave ((b)), wave (i) concluded at 148.71, with a minor pullback in wave (ii) at 147.79. In the near term, as long as the pivot low at 145.87 holds, dips are expected to attract buyers in a 3, 7, or 11-swing corrective pattern, supporting further upside toward the Fibonacci extension targets.

USD/JPY 60-minute Elliott Wave technical chart

USD/JPY Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

GBP/USD gains traction above 1.3400 as softer US CPI dampens Fed rate hike expectations

The GBP/USD pair gains ground to near 1.3405 during the early Asian session on Wednesday. The US dollar weakens against the British Pound as softer-than-expected US inflation in June tempered expectations for US Federal Reserve policy tightening. The release of the US June Producer Price Index report will be in the spotlight later in the day.

EUR/USD gathers strength above 1.1400 after soft US inflation data

The EUR/USD pair gains ground to near 1.1425 during the early Asian trading hours on Wednesday. The US Dollar weakens against the Euro as softer-than-expected US inflation data temporarily eased pressure on the Federal Reserve. Traders will take more cues from the US Producer Price Index report, which is due on Wednesday.

Gold remains a ‘sell-on-rise’ trade amid US-Iran hostilities

Gold is resuming its downtrend toward two-week lows near $3,985 early Wednesday, following a temporary pullback seen on Tuesday, as there seems to be no end to the renewed hostilities between the United States and Iran concerning the Strait of Hormuz.

Hyperliquid representatives, Trade[XYZ] meet SEC Crypto Task Force to discuss digital asset regulation

The US Securities and Exchange Commission's Crypto Task Force met with representatives from the Hyperliquid Policy Center, XYZ Ltd., which operates Trade[XYZ] and Sullivan & Cromwell LLP to discuss regulatory approaches to digital assets, according to a memorandum released Tuesday.

2% and nothing else: Why Warsh gave Congress three hours of Greenspan

The Federal Reserve Chair who wants the institution to say less spent Tuesday legally required to say more, on the one morning the data handed him something pleasant to say. June's Consumer Price Index fell 0.4% on the month, the steepest single-month decline since April 2020.

Five sessions, one round trip: Why the whipsaw is exactly what Warsh ordered

Markets opened July with a December hike as the base case and spent five trading sessions unlearning and relearning it. A 57K payrolls print bled the tightening bets out of the strip; a re-shut Strait of Hormuz is pushing them back in. Wednesday's minutes from the June FOMC meeting landed mid-round-trip, describing a world that had already stopped existing.