USD/JPY Elliott Wave View: Mature Cycle

Short term Elliott Wave view in USD/JPY suggests that rally to 115.48 on 3/10 ended Intermediate wave (X). Decline from there is unfolding as a zigzag Elliott wave structure in which the first leg Minor wave A is subpided in 5 impulsive waves. Down from 3/10 high, Minute wave ((i)) ended at 114.46, Minute wave ((ii)) ended at 115.195, Minute wave ((iii)) ended at 110.71 and Minute wave ((iv)) is proposed complete at 111.59.

Cycle from 3/10 high is mature and Minor wave A has enough extension to be called complete, but a marginal low towards 100 – 110.5 area can’t be ruled out to complete Minor wave A. Afterwards, pair should bounce in Minor wave B in 3, 7, or 11 swing to correct cycle from 3/10 high before the decline resumes. We do not like buying the proposed bounce in Minor wave B and expect sellers to appear when Minor wave B bounce is over in 3, 7, or 11 swing later for another extension lower.USD/JPY

1 hour chart

USD/JPY 60 MInute Chart

EW Forecast

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