Elliott Forecast - Elliott Wave Intraday Analysis: USDJPY Correcting Larger Degree

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Elliott Forecast

Eric Morera

Elliott Wave Intraday Analysis: USDJPY Correcting Larger Degree

Short Term Elliott Wave in USDJPY suggests that cycle from 7.3.2024 high is in progress as a double three Elliott Wave structure. Down from 7.3.2024 high, wave A ended at 155.37 and rally in wave B ended at 157.86. Wave C lower ended at 151.94 which completed wave (W) in higher degree. Pair then rallied in wave (X) which ended at 155.25 as a zigzag structure. Up from wave (W), wave A ended at 154.73 and wave B ended at 153. Wave C higher ended at 155.25 which also completed wave (X) in higher degree. Pair has turned lower in wave (Y) which subdivides into a zigzag structure.

Down from wave (X), wave ((i)) ended at 151.54 and wave ((ii)) ended at 153.9. Wave ((iii)) lower ended at 149.6 and rally in wave ((iv)) ended at 151.26. Expect pair to extend lower in wave ((v)) which should complete wave A of (Y). Afterwards, it should rally in wave B to correct cycle from 7.30.2024 high before turning lower again. Near term, as far as pivot at 155.25 stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

USDJPY 60 Minutes Elliott Wave Chart
USDJPY Elliott Wave Chart
USDJPY Elliott Wave Video
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Source: -forecast.com/news/elliott-wave-analysis-usdjpy-correcting-larger-degree/

01/08/2024 1 EN

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Elliott Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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Eric Morera

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Elliott Wave Intraday Analysis: USDJPY Correcting Larger Degree

Elliott Wave: Copper (HG) Impulsive Rally Signals More Upside

TRV Approaches Final Stage of Impulse Structure: Anticipating a Pullback

CRWD’s Leading Diagonal: Grand Super Cycle Points to More Upside

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