Short Term Elliott Wave in USDJPY shows incomplete bullish sequence from 6.4.2024 low favoring more upside. Up from 6.4.2024 low, wave 1 ended at 157.4 as the 1 hour chart below shows. Pullback in wave 2 unfolded as a zigzag structure. Down from wave 1, wave ((a)) ended at 156.92 and wave ((b)) ended at 157.38. Wave ((c)) lower ended at 155.7 which completed wave 2 in higher degree. The pair extended higher again in wave 3 with internal subdivision as an impulse Elliott Wave structure. Up from wave 2, wave ((i)) ended at 157.3 and pullback in wave ((ii)) ended at 156.57. Pair then extended higher in wave (i) of ((iii)) towards 158.26 and pullback in wave (ii) ended at 156.87.
Up from wave (ii), wave i ended at 158.23 and pullback in wave ii ended at 157.59. Pair then extended higher in wave iii towards 159.12 and dips in wave iv ended at 158.65. Wave v higher ended at 159.93 which completed wave (iii). Pullback in wave (iv) ended at 158.71. Expect pair to extend higher a few more highs before ending wave (v) of ((iii)). Near term, as far as pivot at 155.66 low stays intact, dips should find buyers in 3, 7, or 11 swing for further upside.
