USDJPY Short-term Elliott Wave Analysis 4.7.2016

Revised short term Elliottwave structure suggests decline from wave ((X)) at 113.8 is unfolding as an impulse 5 waves structure where wave ((i)) ended at 111.98, wave ((ii))) ended at 112.67, and wave ((iii)) is in progress. Internal of wave ((iii)) is also in impulsive structure and wave (iii) of ((iii)) is expected to complete at 108.58 – 108.98 area, then it should bounce in wave (iv) of ((iii)) before the decline resumes in wave (v) of ((iii)). We don’t like buying the proposed bounce in wave (iv) of ((iii)) and as far as pivot at 110.65 stays intact during the bounce, expect the pair to resume lower again in wave (v) of ((iii)).

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