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Elliott Wave Analysis For USDJPY: Five Waves Down Is Bearish Signal

USDJPY reached new lows few hours back around 99.20 where we marked end of a five wave decline from 100.83. We know that five wave patterns show direction of a trend so we think that larger trend for USDJPY is down and that current intra-day rally represents a correction within larger downtrend. Ideally pair is now in wave (ii) but even if that would be wave (b) bias is lower for a third leg of decline. Ideally market will find resistance around 100 level after three legs up. We will be considering shorts with our members in coming sessions.

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