ELLIOTT WAVE ANALYSIS 02-08-17 – USDJPY turning point is dead ahead.

USDJPY

LONG – to above 136.00 in wave [C]

30 min

4 Hours

Daily

My Bias: Neutral
Wave Structure: rally in wave [C]
Short term wave count: wave [v] grey
Long term wave count: wave [C] is underway, upside to above 136.00
Important risk events: JPY: N/A. USD: Unemployment Claims, FOMC Member Evans Speaks.

USDJPY continued its downward bias today,
I am still looking for a five wave structure to the downside to complete wave ‘v’ brown.
The larger wave count demands a completed form, so todays minimal action must be the begining of wave 3 red.
Another 200 points or so will complete the structure and wave 3 red should bring us most of the way there.

The opposit technical picture is evident on the 4hr chart, as the price drifts to the downside the technicals are showing waning momentum.
Both MACD and RSI are on the verge of crossing to the upside, in what will be the first indication that wave [iv] is completing.

 


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