Elliott Wave Analysis: USDJPY Looking for Further Strength

Hello traders,

USDJPY Short term Elliott Wave View in USDJPY suggests that the pullback to 112.27 ended black wave ((x)). Internal of black wave ((x)) unfolded as a zigzag Elliott Wave structure where blue wave (a) ended at 113.07, blue wave (b) ended at 113.7, and blue wave (c) of ((x)) ended at 112.27. Black wave ((y)) rally is now progressing as a double three Elliott Wave structure.

Up from 112.27, blue wave (w) ended at 114.04 with internal as a zigzag Elliott Wave structure. Red wave a of (w) ended at 113.23, red wave b of (w) ended at 112.63, and red wave c of (w) ended at 114.04.

Near term, blue wave (x) is expected to find support in 7-11 swing as far as pivot at 11/20 low (112.27) remains intact. We don’t like selling the pair.