Short Term Elliott Wave is calling for an impulsive move in USDJPY from April 25, 2019 peak. Down from 112.4, wave ((i)) ended at 111.36 and wave ((ii)) ended at 112.03. Wave ((iii)) ended at 109.44, and wave ((iv)) ended at 110.05. Internal of wave ((iii)) subdivides also as an impulse of lesser degree. Down from 112.03, Wave (i) of ((iii)) ended at 111.02, wave (ii) of ((iii)) ended at 111.7. Wave (iii) of ((iii)) ended at 110.27, wave (iv) of ((iii)) ended at 110.96, and wave (v) of ((iii)) ended at 109.44.
Bounce in wave ((iv)) ended at 110.05 as a zigzag structure. Wave (a) of ((iv)) ended at 109.9, wave (b) of ((iv)) ended at 109.59, and wave (c) of ((iv)) ended at 110.05. Pair still needs to break below wave ((iii)) at 109.44 to avoid a double correction in wave ((iv)). If pair instead breaks above 110.05, then wave ((iv)) remains in progress as a double zigzag before the decline resumes. We don’t like buying the pair and expect pair to extend lower in wave ((v)) as far as pivot at 112.03 high stays intact.
USDJPY 1 Hour Elliott Wave Chart
