Elliott Wave Analysis For March 1, 2018: USD/JPY

USD/JPY made a sharp recovery recently, which gives us a suggestion that impulsive red wave 3) can be complete at the 105.55 level. As such we see recent rise as first wave A of a bigger pullback within red wave 4), followed by an intra-day drop which we labelled as leg B. Once wave B finds a base, a new minor five-wave recovery may unfold within leg C of 4), with possible resistance near the 109.00/110.45 area.

USD/JPY, 4H

usdjpy, 4h

Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All our work is for educational purposes only.

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