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Elliott Wave View Calling for Pullback in USDJPY

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Short term Elliott Wave view in USDJPY calls the decline from April 25 peak (112.4) ended as wave ((A)) at 108.99. This suggests the decline from there is unfolding as azigzag Elliott Wave structure. Wave B bounce is in progress to correct cycle from April 25 peak in 3, 7, or 11 swing. The internal of the bounce is unfolding as another zigzag. Up from 108.99, wave ((a)) ended at 109.77 and wave ((b)) ended at 109.13. Wave ((c)) of B is in progress as a 5 waves and expected to complete with 1 more push higher within the blue box of 109.93 110.4.

The pair has already reached 100% extension relative to wave ((A)), thus it has met the minimum target requirement. From the blue box area, we expect pair to either resume to new low in wave C or at least pullback in 3 waves. If the present rally continues to extend higher to 110.42 (1.618 extension), it increases the risk that the entire rally from May 13 low (108.99) is an impulse rather than zigzag. As far as pivot at April 25 peak (112.4) remains intact, rally should fail in the sequence of 3, 7, or 11 swing for further downside.

USDJPY 1 Hour Elliott Wave Chart


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About the author  (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 42 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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