in , , ,

USDJPY: A Temporary Top

Б.е.max На Июль 2022 Max 1
77 / 100

Elliot Wave Analysis for USDJPY

USDJPY is a Major currency pair, and according to the Bank of International Settlements, both the U.S dollar and the Japanese Yen are holding 105,1% out of 200% of global foreign exchange market turnover. The 200% total turnover stands for the buy and sell-side at the same time.

The pair now is traded at 136,201 points, its all-time high was at 300,9 in January 1975, and its all-time low was at 75,75 points in October 2011.

Monthly Range: Completing wave (Y) of [B]

Image 20

Here in the monthly range, we have a complete (i) ended at 2011, and now we are looking for wave (ii) correction, we expect wave (ii) to be a zigzag correction, which should subdivided into 5-3-5, we have the first 5-waves in a wave a which ended and now we are in wave b, we expect wave b to be an expanded flat correction

Weekly Range: Searching for evidence that wave c of (Y) of [B]

Image 18

Coming closer to the weekly range, we are looking for wave b correction before going higher in wave c of (ii), as we said previously that we are looking for wave b to be an expanded flat correction, which wave [A] already ended and now the pair are completing wave [B]

Daily Range: Completing wave 1

Image 19

Here in the daily range, we are looking for wave [B], and we expect wave [B] to be subdivided into (w)(x)(y), which wave (w) and (x) has already ended. Now we are looking for wave (Y) of [B], we still didn’t have any clue that wave [B] ended, so if the price formed a leading diagonal as we expect, we would expect that wave [C] in its early stage.

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).

Leave a Reply

Ndq 2022 08 08 04 27 18 1

NASDAQ: Scary Decline Full of Reasons

Eurchf 2022 08 13 21 01 36

EURCHF: Moving Towards wave V