Short term Elliott Wave View in USDJPY suggests it is correcting the cycle from March 24 high. Structure of the correction is unfolding as an expanded Flat Elliott Wave structure. The Flat structure started from September 21 low where wave A ended at 106.1 and wave B ended at 103.1. In the 45 minutes chart below, we can see wave B ended on November 9 low at 103.13.
The internal of wave B unfolded as a zigzag where wave ((a)) ended at 103.98, wave ((b)) ended at 105.34, and wave ((c)) of B ended at 103.1. Wave C is now in progress as a 5 waves impulsive structure where wave ((i)) should end soon. Up from wave B low at 103.1, wave (i) ended at 103.56, and wave (ii) pullback ended at 103.41, Pair then resumed higher in wave (iii) towards 105.64 and wave (iv) dips ended at 104.79.
Expect wave (v) to end soon with a marginal high. This should complete wave ((i)) of C in higher degree. Pair should then pullback in wave ((ii)) to correct cycle from November 9 low before the rally resumes. As far as November 9 pivot low at 103.1 stays intact, expect dips to find support in 3, 7, or 11 swing for more upside.
USDJPY 45 Minutes Elliott Wave Chart
