USDJPY: Elliott Wave Forecasting The Rally
In this blog, we will have a look at some past Elliott Wave charts of USDJPY which we presented to our members. You see the 1-hour updated chart presented on the 09/06/18 showing that USDJPY ended the cycle from 08/21 low in black wave ((a)).
From that peak. It started a pullback lower in black wave ((b)). The pullback proposed to unfolded as an . The overall right side in the higher timeframe is higher. So we advised members that the right side is to the upside. Therefore, we expected buyers to appear in the dips in the sequences of 3, 7 or 11 swings. At the 100 – 1.236 Fibonacci extension of blue (a)-(b). Which came at around 110.615-110.344 area. And that was the first area for buyers to appear to take prices to new highs above black wave ((a)) peak.
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