USD/JPY Short-term Elliott wave view suggests that the pullback to 108.62 on 5/04 low ended Minor degree wave 4. Above from there, the rally is unfolding as a 5 waves Elliott Wave structure, also known as Impulse. It’s important to note that the sub-division of Minor wave 1, 3 & 5 are also impulsive in the lesser degree. The subdivision in this case is wave ((i)), ((ii)), ((iii)), ((iv)), and ((v)) in Minute degree.
The internal of Minute degree wave ((i)) is unfolding as 5 waves impulse where the rally to 110.02 high ended Minutte wave (i). Then the pullback to 109.12 low ended Minutte wave (ii) and rally to 110.45 high ended Minutte wave (iii) in 5 waves. Down from there, Minutte wave (iv) pullback ended at 110.02 low. Above from there, Minutte wave (v) of ((i)) remains in progress. Near-term focus is towards 111.12-111.39 to end Minute degree with wave ((i)). Afterwards, the pair should do a pullback in Minute wave ((ii)) against 5/04 low (108.62) cycle in in 3, 7 or 11 swings before further upside extension is seen.
USD/JPY 1 Hour Elliott Wave Chart
