Elliott Wave Analysis: Further Weakness Expected in USDJPY

Hello Traders,

Short term Elliott Wave view in USDJPY suggests that cycle from 11/12 peak (114.21) remains in progress as a double three Elliott Wave structure. Down from 114.21, black wave ((w)) ended at 112.27 and black wave ((x)) bounce ended at 114.03. Internal of black wave ((x)) unfolded as a zigzag Elliott Wave structure where blue wave (a) ended at 113.23, blue wave (b) ended at 112.63, and blue wave (c) of ((x)) ended at 114.03.

Black wave ((y)) lower is currently in progress and the internal is unfolding as a double three Elliott Wave structure in lesser degree. Down from 114.03, blue wave (w) ended at 112.54 as a zigzag Elliott Wave structure, and blue wave (x) bounce is correcting cycle from 11/29 high before the decline resumes. We expect sellers to appear after blue wave (x) bounce is complete in 3, 7, or 11 swing as far as pivot at 114.03 high stays intact.