USD/JPY Elliott Wave analysis: Approaching support

Gregor Horvat Wavetraders

USDJPY is coming down, but still trapped in a higher degree range so we assume that's a triangle in the making, possibly in late stages of the structure. Elliott wave guidelines suggests that when wave D) swing high and triangle resistance line are broken, that's when market is ready to resume the uptrend.

For now, that's not the case yet, so we have to be careful and wait on a rise above 110.80 before bulls can be back in play. Ideally pair is now in wave E), approaching the support. Any drop below 108.70 will indicate that higher degree correction will be more complex, with wave C then targeting 108.00 support.

USD/JPY 4h Elliott Wave analysis chart

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Author

Gregor Horvat

Wavetraders

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

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