The USD/JPY is forming the Elliott Wave 5 impulse.

Hello!

This is Satori researching FX.

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Now, the USD/JPY is forming the Elliott Wave 5.

USD/JPY 4-hour chart one-yen reversalN-curve Entry Indicatoris shown above.



The low of Wave 4 did not break the high of Wave 1 at 111.026 and turned higher, so Wave 5 is continuing to extend.

According to Elliott wave theory, Wave 3 is never the longest, so if we take Wave 5 starting at 111.459, it may rise by at least the amplitude of Wave 3 (112.707 - 109.524 = 3.183), making 114.642 yen a near-term target.

However, if something causes the high of Wave 1 at 111.026 to be breached, the situation will change.


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Thank you very much for reading to the end today as well.


Please stay well.