USDJPY is showing a strong bullish wave structure, with a clear path toward higher levels based on Elliott Wave Theory. After a successful breakout from a multi-year consolidation, price action appears to be completing a Wave (4) correction thereby setting the stage for a Wave (5) rally.
Based on the bullish structure and projected continuation:
1st Target = 157.78
2nd Target = 177.41
Final Target = 209.16 Full wave extension, top of macro channel
With support holding above ¥140.00 and a bullish bounce forming, this could mark the Wave C bottom of (4), setting the stage for the next major leg up.
Disclaimer:
This analysis is for informational and educational purposes only and does not constitute financial advice. Markets are dynamic and unpredictable.
Based on the bullish structure and projected continuation:
1st Target = 157.78
2nd Target = 177.41
Final Target = 209.16 Full wave extension, top of macro channel
With support holding above ¥140.00 and a bullish bounce forming, this could mark the Wave C bottom of (4), setting the stage for the next major leg up.
Disclaimer:
This analysis is for informational and educational purposes only and does not constitute financial advice. Markets are dynamic and unpredictable.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.