$USDJPY Short-term Elliott Wave Analysis 9.15.2016

Short term Elliott wave count suggests that rally to 104.33 ended wave W. Decline from there is unfolding as a double three where wave ((w)) ended at 101.18 and wave ((x)) ended at 103.35. Short term, while bounces stay below 103.35, and more importantly below 104.33, expect more downside towards 100.94 – 101.4 area initially, followed by 99.47 – 100.2 area before cycle from 9/2 peak ends. Afterwards, expect the pair to resume higher or at least bounce in a larger 3 waves to correct the cycle from 9/2 peak (104.32).

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