Elliott Wave Analysis: USDJPY Could Be In For A Reversal

٢٨ مارس ٢٠١٧

USDJPY is falling sharply for the last few weeks, clearly with impulsive price action down from 115.50, but if we take a look at the whole bearish cycle from December 2016 high we should have to be aware of a new significant turn. The reason is a three wave structure, which in Elliott Wave terminology represents a corrective prince move, but it's important to wait on confirmed low of a wave (C) before we may turn bullish. With that said, we would need an impulse back above 113.00 to confirm end of a bearish cycle; so until then there is possibility for weakness to extend down to 109.50-108.40 region.