USD/JPY shows incomplete Elliott Wave bearish sequence [Video]
|USD/JPY shows incomplete bearish sequence from 11.13.2023 suggesting further downside. Down from 11.13.2023 high, decline is unfolding as a double three Elliott Wave structure. Down from 11.13.2023 high, wave (W) ended at 147.15. Wave (X) ended at 149.78 with internal subdivision as a double three in lesser degree. Up from wave (W), wave W ended at 148.59 and dips in wave X ended at 148. Wave Y higher ended at 149.78 which completed wave (X).
Wave (Y) lower is in progress with internal subdivision as a zigzag structure. Down from wave (X), wave ((i)) ended at 148.87 and wave ((ii)) rally ended at 149.71. Pair extended lower in wave ((iii)) towards 147.96 and rally in wave ((iv)) ended at 148.83. Final leg wave ((v)) ended at 146.66 which completed wave A. Rally in wave B ended at 147.9 with internal subdivision as a zigzag. Up from wave A, wave ((a)) ended at 147.32, and wave ((b)) pullback ended at 146.94. Wave ((c)) higher ended at 147.9 which completed wave B. Near term, as far as pivot at 149.78 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside in wave C.
USD/JPY 60 minutes Elliott Wave chart
USD/JPY Elliott Wave video
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.