USDJPY short-term Elliott wave view suggests that the pair is nesting higher as impulse structure. Looking for an extension higher towards 118.24-120.30 100%-123.6% Fibonacci extension area from 3/23/2018 low. And until that area is reached dips are expected to remain supported in 3, 7 or 11 swings looking for upside extension. Currently, Minor wave 3 remain in progress as impulse structure, in which the lesser degree cycles showing the sub-division of 5 wave structure in each leg higher thus favored it to be an impulse structure.
The rally to 113.12 high ended lesser degree Minutte wave (iii). A pullback to 112.55 low ended Minutte wave (iv). Then a move to 114.05 high ended 5 waves rally in Minutte wave (v) & also completed Minute wave ((iii)). Down from there a pullback to 113.49 low ended Minute wave ((iv)). Near-term Minute wave ((v)) of 3 remain in progress looking to extend higher 1 more push towards 115.01-116.24 area higher. Afterwards, the pair is expected to do a Minor wave 4 pullback in 3, 7 or 11 swings before further upside towards 118.24-120.30 area is seen. The right side tag is up therefore selling is not recommended. And expect buyers to appear in 3, 7 or 11 swings.
USDJPY 1 Hour Elliott Wave Chart
