USDJPY Elliot wave trend has shifted from up to down
USDJPY found a top in November from a wave going back to the beginning of 2021.
The rise from January 2021 was an ((a))-((b))-((c))- zigzag pattern. The ((b))-wave of the zigzag was a triangle pattern. From there, the ((c))-wave busted higher with wave (v) of ((c)) taking the shape of an ending diagonal.
The uptrend culminated into a final wave of multiple degrees of trend into November 2021. As a result, several weeks of down waves will continue and likely carry USDJPY below 110. There is a possibility this downtrend may carry to 105 eventually, but it doesn't have to.
The rise from January 2021 was an ((a))-((b))-((c))- zigzag pattern. The ((b))-wave of the zigzag was a triangle pattern. From there, the ((c))-wave busted higher with wave (v) of ((c)) taking the shape of an ending diagonal.
The uptrend culminated into a final wave of multiple degrees of trend into November 2021. As a result, several weeks of down waves will continue and likely carry USDJPY below 110. There is a possibility this downtrend may carry to 105 eventually, but it doesn't have to.
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www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress