Intraday Elliott Wave view favors more downside in USD/JPY [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave View in USD/JPY suggests decline to 139.57 ended wave (W). Pair then corrected in wave (X) with internal subdivision as a double three Elliott Wave structure. Up from wave (W), wave ((w)) ended at 142.46 and pullback in wave ((x)) ended at 140.43. Rally in wave ((y)) ended at 143.94 which completed wave W in higher degree. Pullback in wave X ended at 141.73 with internal subdivision as a zigzag structure.

Up from wave X, pair resumed higher in wave ((w)) towards 144.68 and pullback in wave ((x)) ended at 142.88. Final leg wave ((y)) ended at 146.48 which completed wave Y of (X) in higher degree. Pair has since turned lower in wave (Y). Down from wave (X), wave (i) ended at 142.76 and wave (ii) ended at 143.76. Wave (iii) lower ended at 142.2, and wave (iv) ended at 142.95. Wave (v) lower ended at 141.63 which completed wave ((a)) in higher degree. Rally in wave ((b)) is in progress to correct cycle from 9.27.2024 high before it resumes lower. Near term, as far as pivot at 146.48 high stays intact, expect rally to fail in 3, 7, or 11 swing for more downside.

USD/JPY 60 minutes Elliott Wave chart

USD/JPY Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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