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USD-JPY: Higher in wave ((C))

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Elliott Wave Analysis for USDJPY

USD-JPY 1 Week Elliott Wave Chart

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Feb 06, 2022 12:23 Utc

USDJPY pushed higher in a three-waves in wave (B) which ended at 118.77 as soon as wave (A) ended. From the top of wave (B), USDJPY declined in three waves for wave W of (C) that ended at 104.71, then remained sideway and completed a triangle wave X that ended at 112.50. From wave X high, USDJPY declined in a three-waves and completed wave Y of (C), From the low of wave (C), “USDJPY” moved higher in three waves and completed wave (D) at 111.70. From the high of wave (D), “USDJPY” declined for the last side of the triangle wave (E) that took the form of a complex correction.

Forecast:

Following the completion of wave ((B)) in the form of a triangle, we anticipate a strong move higher to complete wave ((C)) near the 125-126 level.

USD-JPY 1 Day Elliott Wave Chart

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Feb 06, 2022 12:21 Utc

The push higher than wave (B) will give us evidence that the bottom is in place and wave (C) is in its early stages.

USD-JPY Elliott Wave Video

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Written by Trade Zign

TradeZign (TZ) is a market forecasting firm,TZ's 10 full-time analysts cover every major market (commodities, stocks, energy, bonds, metals, currencies).

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