USDJPY Time for a Minor Correction
My Bias: LONG
Wave Structure: rally in wave [C]
Long term wave count: wave [C] is underway, upside to above 136.00
Important risk events: JPY: n/a. USD: JOLTS Job Openings, FOMC Member Brainard Speaks.
On the 6th of June I published a piece called USDJPY on the verge of another big move.
As shown on the short term chart.
Wave ‘iv’ must remain above 112.47 as this is the high of wave ‘i’ brown. The previous wave [i] grey lies at 114.36,
The price has just managed to break this level today, suggesting that the larger rally is intact.
This suggests that any decline in wave ‘iv’ brown will be small and the price will rally again to meet that upper trendline soon. Wave ‘v’ brown may well achieve that initial goal.
For the rest of the week:
- Watch for wave ‘iv’ brown to get under way.
- Wave ‘ii’ brown traced out an expanded flat, going by the Elliott wave guideline of alteration between corrective waves.
- So wave ‘iv’ may well be another triangle.
This post was originally published by Bullwaves