$USDJPY Short Term Elliott Wave Analysis 01.21.2016

Short term Elliott Wave cycle suggests decline from wave X at 118.38 is unfolding in a double three structure where wave ((w)) ended at 115.96 and wave ((x)) bounce is proposed complete at 117.48. While below 117.48, but more importantly as far as 118.38 pivot stays intact, pair is expected to resume lower in wave ((y)) towards 114.47 – 115.05 area before buyers come for at least 3 waves bounce. We don’t like buying the pair.

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