USDJPY Daily Elliott Wave Count
USDJPY Daily Elliott Wave Count - The last count I did on this blog was on March 4th. I was looking for a bounce off the two equal legs for the Elliott Wave Zig-Zag at 104.25, the bottom trend channel line, price bounced off of 104.56. Close enough.
Since the bounce it has climbed higher to the top of the channels and is now struggling to stay up there. Also at the top of that channels is the weekly 200 period moving average that has been holding price down.
On this chart I am showing the possibility of the Leading Diagonal. A break of the wave (iv) would basically take this out of play. If this low does break then we are left with 3 waves up for a possible X wave. It is very possible that we will WXY sideways correction here.
The WXY Sideways Correction
From the 118.61 we have an ABC down for a W. This move back up to the top of the channel and the weekly 200 period moving average could be X and the ABC for Y could be stating from these highs.
On the hourly charts that I do for the US Open Elliott Wave Update and the Asian Elliott wave Update I am actual showing a count that is looking lower and this could be the start of that Y wave.
 |
| USDJPY Daily Elliott Wave Count |