USD/JPY shows incomplete Elliott Wave bearish sequence [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

USD/JPY shows incomplete bearish sequence from 11.13.2023 suggesting further downside. Down from 11.13.2023 high, decline is unfolding as a double three Elliott Wave structure. Down from 11.13.2023 high, wave (W) ended at 147.15. Wave (X) ended at 149.78 with internal subdivision as a double three in lesser degree. Up from wave (W), wave W ended at 148.59 and dips in wave X ended at 148. Wave Y higher ended at 149.78 which completed wave (X).

Wave (Y) lower is in progress with internal subdivision as a zigzag structure. Down from wave (X), wave ((i)) ended at 148.87 and wave ((ii)) rally ended at 149.71. Pair extended lower in wave ((iii)) towards 147.96 and rally in wave ((iv)) ended at 148.83. Final leg wave ((v)) ended at 146.66 which completed wave A. Rally in wave B ended at 147.9 with internal subdivision as a zigzag. Up from wave A, wave ((a)) ended at 147.32, and wave ((b)) pullback ended at 146.94. Wave ((c)) higher ended at 147.9 which completed wave B. Near term, as far as pivot at 149.78 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside in wave C.

USD/JPY 60 minutes Elliott Wave chart

USD/JPY Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold: Volatility persists in commodity space

After losing more than 8% to end the previous week, Gold remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000. The US economic calendar will feature Nonfarm Payrolls and Consumer Price Index data for January, which could influence the market pricing of the Federal Reserve’s policy outlook and impact Gold’s performance.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

US NFP and CPI data awaited after Warsh’s nomination as Fed chief. Yen traders lock gaze on Sunday’s snap election. UK and Eurozone Q4 GDP data also on the agenda. China CPI and PPI could reveal more weakness in domestic demand.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.