USD/JPY Analysis (March 24, 2021)
As you can see. USD/JPY finished 3 waves up and now is trading in a beautiful falling wedge which, according to the Elliott waves principle, is considered wave 4.
Also, the falling wedge (wave 4) retested the previous wave IV of wave 3 giving us more confirmation for an upside move coming. Our first target for wave 5 will be (110.300) if we take wave 1=wave 5. Breaking the 110.300 level will push USD/JPY towards the 111.250 level which is 161.8% of wave 1.
Also, the falling wedge (wave 4) retested the previous wave IV of wave 3 giving us more confirmation for an upside move coming. Our first target for wave 5 will be (110.300) if we take wave 1=wave 5. Breaking the 110.300 level will push USD/JPY towards the 111.250 level which is 161.8% of wave 1.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.