Short Term Elliott Wave View in USDJPY suggests the rally from March 05, 2022 low is unfolding as a 5 waves impulse. Up from March 05 low, wave 1 ended at 115.95 and pullback in wave 2 ended at 115.53. The 60 minutes chart below shows pair has turned higher again in wave 3. Internal subdivision of wave 3 is unfolding as another 5 waves in lesser degree. Up from wave 2, wave ((i)) ended at 116.196 and dips in wave ((ii)) ended at 115.78. Pair then resumes higher in wave ((iii)) towards 118.062 and pullback in wave ((iv)) ended at 117.800. Wave ((v)) higher ended at 118.451 which also completed wave 3.
Pair then did a pullback in wave 4 ending at 117.68 and bounce look to complete wave 5 and also wave (1). Near term, expect to complete wave (1) soon. Possible target for wave (1) can end at 119.34 – 11948 area and pullback should then find support in the sequence of 3, 7, or 11 swing as wave (2) for further upside in wave (3). The view is valid as far as pivot at 114.595 low stays intact,
USDJPY 60 Minutes Elliott Wave Char
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