Elliott Wave Analysis On USDJPY And S&P500
USDJPY
Stocks are trading in a corrective pattern which allowed USDJPY to make a pullback lower. We have seen a very strong fall from 107.50 after a completion of an ending diagonal in black wave five so it appears that a new corrective retracement is here. That said, more weakness can be in the cards within wave 4) which may even retrace down to 104.00-104.60 area before market turns up for a new impulsive reaction above 108.00.
USDJPY, 1H
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S&P500
E-mini S&P500 did not move much recently, so price is most likely still in a corrective pattern labeled as red wave 4) that can be a triangle or even a flat if price spikes beneath 2148 area. But the important part is that both are corrective patterns so we believe that sooner or later index will be headed back to 2170.
S&P500, 1H
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