USD/JPY Support Around The Corner?

USDJPY short-term Elliott wave view suggests that the rally to 110.91 high ended Minor wave 1 & also the cycle from 5/29 low. The internals of that rally higher unfolded as Elliott wave leading diagonal where Minute wave ((i)) ended at 110.27 high in 5 waves, Minute wave ((ii)) pullback ended at 109.17, and Minute wave ((iii)) ended at 110.85 in 5 waves structure.

Down from there, Minute wave ((iv)) pullback ended at 109.89 and Minute wave ((v)) of 1 ended at 110.90 high in another 5 waves structure. Below from 110.9 high, the pair is doing a Minor wave 2 pullback to correct cycle from 5/29 low in 3, 7 or 11 swings. So far the pullback looks to be unfolding as Elliott wave double three structure where Minute wave ((w)) ended at 109.53 with internals subdivision as a zigzag correction. Up from there, Minute wave ((x)) bounce ended at 110.76 with internal subdivision of a double three. Near-term focus remains towards 109.36-109.04, which is 100%-123.6% Fibonacci extension area of Minute ((w))-((x)) to end the Minute wave ((y)) & also the Minor wave 2 pullback. Afterward, the pair is expected to resume higher provided the pivot from 5/29 low (108.10) stays intact or should do a 3 wave bounce at least. We don’t like selling the proposed pullback.

USDJPY 1 Hour Elliott Wave Chart