Short term the USD/JPY Elliott Wave view suggests the pullback to 111.7 low on 6/29 ended Minor wave X. Up from there, wave Y is unfolding as an Elliott wave zigzag structure where Minute wave ((a)) ended at 113.68 and Minute wave ((b)) ended at 112.86. Up from there, Minute wave (i) of ((c)) ended at 114.3. Minute wave (ii) of ((c)) ended at 113.96, but a break above 114.3 will add validity to the view that the next leg higher has started. Until then, a double correction in Minute wave (ii) still can’t be ruled out before the pair resumes the rally higher. Near term, while dips stay above 112.86, and more importantly as far as pivot at 111.7 low stays intact, expect the pair to extend higher. We don’t like selling the pair.
USD/JPY 1 Hour Elliott Wave Chart
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