Elliott wave Analysis: Correction on USDJPY Points Lower

Hi traders,

USDJPY made a five-wave drop from the 114.56 highs labeled as wave (A)/(1) as first leg of a bearish turn. This leg caused some sideways price action into wave B)/2) which can be unfolding a flat correction. It's an A-B-C pattern that can take price once more back to 113.00-113.30 area from where we would expect a new but strong sell-off into wave C)/3)

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UPDATE: USDJPY went slightly higher into a bigger correction back to 78,6% Fibonacci retracement, which can be a key strong resistance around 114.0 area, so don't fall in love with that rally.

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Patience paid off! What a comeback! USDJPY turned sharply lower out of a wedge pattern, which is very common in the markets! So, do you know where is going USDJPY now, if A-B-C flat correction is completed?! We think that USDJPY may continue it's sell-off all the way back below 111.37 lows and should be finished within a five-wave decline!

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As expected, USDJPY made an impulsive five-wave drop into wave 1 away from 114.20 resistance level and currently we see just a three-wave a-b-c recovery on a lower degree, so we assume it's just another corrective rally into wave 2 that can stop around 113.50 area and from where we may see another sell-off!

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USDJPY is still doing well and despite that big corrections, it's still trading below strong resistance line! That said, We still expect a decline into 111-110 area or maybe even lower, as long as it's trading beneath 114.20 region!