Elliott Wave view in USDJPY suggests the rally from April 23 low to 110.34 ended wave (2). The internal of wave (2) unfolded as a zigzag Elliott Wave structure. Up from April 23 low, wave A ended at .109.7, wave B ended at 108.31, and wave C ended at 110.34. Pair has turned lower in wave (3) but still needs to break below previous April 23 low at 107.45 to rule out a double correction.

Short term structure of the decline from wave (2) peak looks impulsive, favoring further downside. Down from wave (2), wave (i) ended at 110.11 and bounce in wave (ii) ended at 110.28. Pair resumes lower again in wave (iii) towards 109.33 and wave (iv) bounce ended at 109.637. Final leg lower in wave (v) of ((i)) ended at 109.16. Wave ((ii)) rally is currently in progress to correct cycle from June 4 high before the decline resumes.

Up from wave ((i)), wave (a) ended at 109.55 and pullback in wave (b) ended at 109.19. Wave (c) is expected to end soon at the 100% – 161.8% fibonacci extension of wave (a) at 109.58 – 109.83. From this area, pair can extend lower again. As far as pivot at 110.33 high stays intact, expect rally to fail and pair to extend lower.

USDJPY 60 Minutes Elliott Wave Chart

USDJPY Elliott Wave Video

Short term Elliott wave view in USDJPY suggests that the pair is currently pulling back to correct cycle from January 6, 2021 low. From the high on March 31, 2021 peak, the pullback is unfolding as a double three Elliott Wave structure. Down from March 31 peak, wave ((w)) ended at 109.93 and wave ((x)) rally ended at 110.55. Pair then resumed lower in wave ((y)) towards 108.97 which completed wave W. Bounce in wave X ended at 109.97 with internal subdivision as a zigzag Elliott Wave structure. Wave ((a)) of X ended at 109.39, wave ((b)) of X ended at 109.18, and wave ((c)) of X ended at 109.96.

Pair has resumed lower in wave Y as another double three in lesser degree. Down from wave X at 109.96, wave (w) ended at 109.21, wave (x) ended at 109.75, and wave (y) ended at 108.72. This completes wave ((w)) of Y. Short term, wave ((x)) rally is expected to fail while below 109.96 for further downside. Possible target lower is 100% – 161.8% Fibonacci extension from March 31 peak at 106.7 – 108. As far as pivot at 109.96 high stays intact, expect short term rally to fail in 3, 7 or 11 swing for further downside.

USDJPY 1 Hour Elliott Wave Chart

USDJPY Elliott Wave Video

Short Term Elliott Wave View in USDJPY suggests the rally from January 6 low is unfolding as a zigzag Elliott Wave structure. Up from January 6 low, wave A ended at  104.39 and wave B pullback ended at 103.3. The 1 hour chart below shows the wave B pullback. The internal subdivision of wave B unfolded as a double three Elliott Wave structure. Down from wave A, wave ((w)) ended at 103.49 and bounce in wave ((x)) ended at 104.198. Pair then ended wave ((y)) of B at 103.3.

The pair has turned higher in wave C. It has broken above wave A at 104.39 suggesting the next leg higher has started. Up from wave B, wave ((i)) ended at 103.937, and wave ((ii)) pullback ended at 103.52. Pair then resumes higher in wave ((iii)) as a nest. Expect pair to end wave (i) of ((iii)) soon, then it should pullback in wave (ii) to correct cycle from January 26 low before the rally resumes. As far as pivot at 103.3 low remains intact, expect dips to find support in 3, 7, or 11 swing for further upside. Potential target higher is 100% – 123.6% Fibonacci extension from January 6 low which comes at 105.1 – 106.2.

USDJPY 60 Minutes Elliott Wave Chart

USDJPY Elliott Wave Video

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

USDJPY Elliott Wave Video

USDJPY shows incomplete lower low (bearish) sequence from March 26, 2020 high and pair has scope to see more downside. The decline from March 26 high is unfolding as a zigzag Elliott Wave structure. Down from March 26 high (111.71), wave (A) ended at 107.1 and wave (B) bounce ended at 109.38. Wave (C) is currently in progress with 5 waves impulse subdivision. In the 45 minutes chart below, we can see wave 3 of (C) ended at 106.33 and wave 4 of (C) bounce ended at 107.49

Internal of wave 4 of (C) unfolded as an expanded Flat. Up from 106.33, wave ((a)) ended at 106.87, wave ((b)) ended at 106.38, and wave ((c)) ended at 107.49. Pair has resumed lower within wave 5 of (C) and the internal subdivision is unfolding as another impulse in lesser degree. Down from 107.49, wave ((i)) ended at 105.96 and bounce in wave ((ii)) ended at 106.66. Near term, while bounce stays below 107.49, pair has scope to see further downside within wave 5. Potential target for wave 5 of (C) is 100% – 123.6% Fibonacci extension from March 26 high which comes at 103.68 – 104.77.

USDJPY 45 Minutes Elliott Wave Chart

USDJPY Elliott Wave Video