Elliott Wave Analysis: USD/JPY May Find A Low Near 102/103

As expected, USD/JPY hit new lows recently withing red wave 5) that has an extended leg down from a fourth wave 4) triangle, so we think that pair can be making a final wave of a decline that may look for a base then at 102-103 area, after five subwaves down will complete red wave 5). However, in either case we will have to wait on an impulsive bounce from the low and back above 105.68 level to confirm a low in place. So until then, trend remains bearish, thus any longs should be on hold!

USD/JPY, 4H

USD/JPY 4 Hour Chart

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