Elliott Wave Analysis: USDJPY In Final Stages Of A Complex Correction; Possible Turning Point Around 105
USDJPY is trading back towards the low now after a very sharp bearish reversal on Friday following bad NFP figures. Based on recent price action we see new lows coming, ideally towards 100-103 area where pair may finally bottom this month. An updated wave labeling shows wave C in play, final wave of a complex corrective pattern that is underway for the last 12 months. So despite very strong bearish trend, we still see possibilities for significant bounce this year.
USDJPY, Daily
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On the lower time frames, USDJPY came down pretty hard since Friday when US NFP figures came out well below expectations. For now, price is still above 105.54 level but bulls will be invalidated soon, if we consider that decline from 111.46 is sharp and fast, so it’s probably an impulse that will consider new lows. An updated count shows price in minor red wave 4) so we expect continuation lower into wave 5) of C that can be targeting 104.00 region till the end the week.
USDJPY, 4H
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