Elliott wave Analysis: USDJPY Unfolding A Correction; More Weakness in View

Hi traders,

USD made a new reversal this week so USD index and EURUSD remains trapped in consolidation, so rather than focusing on these two we will look at other, more clear wave patterns. We are observing USDJPY which can be headed for more downside after those five waves of decline from 113.80 followed by current three leg intraday rise. Ideally new sell-off will continue especially if stocks will continue to weaken as well.

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USDJPY, 1h

usdjpy, intra