USDJPY: Elliottwave Structure Looking for Correction
Revised short term Elliottwave structure suggests that rally to 113.8 ended wave ((X)). Wave (W) decline from there has an internal of a triple correction (WXYZ) structure where wave W ended at 111.98, wave X ended at 112.67, wave Y ended at 110.23, 2nd wave X ended at 110.54, and wave Z of (W) is proposed complete at 107.66. Wave (X) bounce is currently in progress to correct the decline from 113.82 and as far as 113.82 pivot stays intact during the bounce, expect the pair to resume the decline again once wave (X) bounce is over in 7 or 11 swing. We don't like buying the proposed bounce in wave (X).
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