#USDJPY Daily #ElliottWave Count

USDJPY Daily Elliott Wave Count

As I mention on the 4 HR Elliott Wave Count posted a few minutes ago, the wave (ii) low could be in at 107.652.  The pair has been struggling with resistance at 109.7 for the last few months so another pullback before breaking higher is not out of the question.  

Once above the 109.70 area I would look for a wave (iii) up to the next resistance of 112.40 and then 114.50.  The 114.50 will be the strongest resistance because it is a Lower High or resistance area on the move down.  I would look for a pullback in that area but that is a long ways out yet. 

 

#USDJPY Daily #ElliottWave Count

USDJPY Daily Elliott Wave Count

It looks like the Leading Diagonal is going to get one more high for the C wave of 5 before the wave (ii) pullback starts.  I will looking for longs against the 104.50 are lows. 

USDJPY Daily Elliott Wave Count

USDJPY Daily Elliott Wave Count

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

        

#USDJPY Daily Elliott Wave Count

USDJPY Daily Elliott Wave Count

I believe the USDJPY is nearing an end to this decline with a new low ending around the 104.00 area.  A good signal the bottom is in may be a break of teh RSI down trend line.

I will be looking for a retest of the 2015 highs around 125.00 - 126.00. 

#USDJPY Daily Elliott Wave Chart

#USDJPY Daily Elliott Wave Chart