Elliott Wave View on USDJPY suggests the rally from October 3 low is unfolding as a leading diagonal. A leading diagonal is one form of a 5 waves move with wave 1 and 4 overlapping and the structure looks like a wedge. Up from October 3 low, wave ((i)) ended at 108.93 (not shown on chart), and wave ((ii)) pullback ended at 107.87. Pair then resumed higher in wave ((iii)) and ended at 109.49. Wave ((iv)) pullback remains in progress and expected to end at 108.26 – 108.65 area.
Pair should then resume higher in wave ((v)) and it should also end wave 1 in higher degree. Afterwards, expect pair to pullback in wave 2 to correct cycle from October 3 low before the rally resumes. As far as pivot at 107.87 low stays intact in the first degree, expect pair to find support soon and resume higher. The alternative scenario suggest the rally from August 27 low ended at 109.49 as a 5 waves diagonal. In this scenario, pair should then pullback to correct the entire rally from August 27 low in larger 3 waves before the rally resumes.
USD/JPY 1 Hour Elliott Wave Chart
USD/JPY 1 Hour Elliott Wave Video
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.