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]
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]
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
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.