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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 124478, member: 40858"] [SIZE=6][B]USDJPY Elliott wave View: Mature cycle[/B][/SIZE] Short term Elliott Wave view in USDJPY suggests that rally to 115.48 on 3/10 ended Intermediate wave (X). Decline from there is unfolding as a zigzag Elliott wave structure in which the first leg Minor wave A is subdivided in 5 impulsive waves. Down from 3/10 high, Minute wave ((i)) ended at 114.46, Minute wave ((ii)) ended at 115.195, Minute wave ((iii)) ended at 110.71 and Minute wave ((iv)) is proposed complete at 111.59. Cycle from 3/10 high is mature and Minor wave A has enough extension to be called complete, but a marginal low towards 100 – 110.5 area can’t be ruled out to complete Minor wave A. Afterwards, pair should bounce in Minor wave B in 3, 7, or 11 swing to correct cycle from 3/10 high before the decline resumes. We do not like buying the proposed bounce in Minor wave B and expect sellers to appear when Minor wave B bounce is over in 3, 7, or 11 swing later for another extension lower. [B][SIZE=4]USDJPY 1 Hour Chart 03.23.2017[/SIZE][/B] [SIZE=3][B] [URL='https://elliottwave-forecast.com/wp-content/uploads/2017/03/1JPY-6020170322211643-1.jpg'][IMG]https://elliottwave-forecast.com/wp-content/uploads/2017/03/1JPY-6020170322211643-1-1024x517.jpg[/IMG][/URL] [/B][/SIZE] [/QUOTE]
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