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Elliott waves forex trading idea for USD/JPY upward cycle

Hello traders and investors. I am Radi Valov, a professional trader, and today, March 11, 2022, I will present my Elliot waves analysis of one of the most traded currency pairs on the forex market – USD / JPY. Despite the increased volatility in all forex, commodities, and crypto markets in recent weeks due to the Russian invasion of Ukraine the USD / JPY, trade was quite calm without sharp movements.

I’ll start directly with the weekly forex trading chart.  If you would like to see bigger and older time frames you can look at my previous analyses of this currency pair. 09.02.2022: Elliott waves forex signal for USD/JPY

 USD/JPY Weekly Chart

USD JPY weekly chart

On the weekly chart, we are in a medium-term upward cycle, which I expect to develop within the upward price channel of the chart and in the long run, reach its upper limit in the area of about 150.

 USD/JPY Daily Chart

USD JPY daily chart

In the previous analysis I published for this currency pair, my expectations were for the development of wave 4. Since then, the corrective movement has developed, which in structure meets all the rules for a symmetrical triangle. Symmetrical triangles are generally corrections in the 4th or X wave.

After the bottom in the zone of 114.60 from last Friday, the triangle for wave 4 can be considered complete and I expect an upward development for wave 5, which will take this pair to the zone around 118.80, and with the extension of this 5th wave, it is possible to see a lot. higher values to the area around 123 before the completion of this first ascending phase for wave (1) or (A).

For all those who are looking for deals with a very good risk/return ratio, good opportunities can be found in USD / JPY in the coming days.

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