The USD/JPY sustained an intense rally for the last two weeks, with strong bullish momentum. How long is the upward trend going to last? Our Elliott Wave count is telling us that we are very close to the end of the trend.

Once we have the Elliott Wave analysis, the second step is to validate the trade. The good news is that with a high probability, the validation happened. The short trade is active from 108.50 with a small stop loss and a considerable potential move to the downside. The target is 104.50.

USD/JPY 4-Hour Elliott Wave Chart

Start your Elliott Wave Street Membership 30 – day trial NOW: