USD/JPY In A Correction – Elliott Wave Analysis

USD/JPY started falling out of an Elliott wave triangle as seen on the 4h chart, down from 108.03 level and breached the lower triangle line. As such, we are now tracking a five-wave structure into a wave C of B, which can look for a bullish turn at the 105.6/104.5 zone, where various Fib. ratios (61.8/ 100.0), and also former swing lows (2)) can react as support. That said, once a five-wave structure in C is visible, and we see a new rally to the upside, that is when first evidence of a low will be seen, and further upside will be expected.


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