{"id":6169,"date":"2024-10-14T22:13:57","date_gmt":"2024-10-14T22:13:57","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=6169"},"modified":"2025-05-13T08:24:46","modified_gmt":"2025-05-13T08:24:46","slug":"usd-jpy-nears-the-top-the-hill","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/de\/education\/market-insights\/elliott-wave\/usd-jpy-nears-the-top-the-hill\/","title":{"rendered":"USD\/JPY Nears The Top of the Hill (Elliott Wave)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Executive Summary:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>USDJPY is rallying in wave ((ii))<\/li>\n\n\n\n<li>A top is anticipated between now and 152<\/li>\n\n\n\n<li>When the new downtrend develops, it would reach 130<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Elliott Wave Pattern on USDJPY<\/h2>\n\n\n\n<p>USDJPY has largely been trading sideways since early August. However, this sideways range may break soon.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdzQaYo0mPg-eQ1xqEAb3rLtgjJvgTCDSZfeoDJV3N4QFsGwOZgErHgYUcMLRMSJs1W4TkyAx5xFUsFfOUgeHa2eITlwyY-EqYXdXv8T-5qtuCZcda8oXaCljhj-1i9ee829hm-UDoZ5T10-_Q5k2OuqpTO?key=A5ZgV7pJb1xZzQuVFVCQwQ\" alt=\"\" \/><\/figure>\n\n\n\n<p>Our <a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usd-jpy-stares-down-the-cliff\/\">Peak to Plunge forecast<\/a> on August 22 offered two paths that we were following for USDJPY.<\/p>\n\n\n\n<p>Let\u2019s follow up on one of those paths, the red path.<\/p>\n\n\n\n<p>On August 22, we stated:<\/p>\n\n\n\n<p><em>Due to the brief rally in both price and time, the second Elliott wave model we are following (red labels) is that last week\u2019s high was simply wave (a) of a larger (a)-(b)-(c) rally. This means wave (b) is over or nearly over and wave (c) would carry higher up to 149.50-154 to complete wave ((ii)).<\/em><\/p>\n\n\n\n<p>On Monday, USDJPY reached a high of 149.98, right inside the target zone.<\/p>\n\n\n\n<p>It is possible to count the minimum waves in place for USDJPY to top. However, there may be a couple more subdivisions higher to carry deeper into the target zone.<\/p>\n\n\n\n<p>You see, we are considering the current wave count to be wave (c of ((ii)) where wave ((ii)) is an upward flat.<\/p>\n\n\n\n<p>Within the c-wave of a flat we are anticipating a 5-wave impulse to develop. Four of those waves appear in place with wave iv listed as a <a href=\"https:\/\/alchemymarkets.com\/education\/strategies\/symmetrical-triangle-pattern\/\">symmetrical triangle<\/a>. This means a little higher movement is anticipated in a fifth and final wave.<\/p>\n\n\n\n<p>In fact, we\u2019ve refined the target zone to be 151.55-152. This doesn\u2019t mean that USDJPY has to carry up to this level. If USDJPY continues to rally, be on alert for a major bearish reversal appearing between now and about 152.<\/p>\n\n\n\n<p>If this wave labelling is correct, then if USDJPY turns lower, it could trend down to reach 130.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Bottom Line<\/h2>\n\n\n\n<p>USDJPY is getting close to a bearish reversal after shaping an upward (a)-(b)-(c) expanded flat pattern from early August.<\/p>\n\n\n\n<p>This upward flat is scheduled as wave ((ii)) and when it terminates, then wave ((iii)) would commence to the downside. Wave ((iii)) is anticipated to be a strong wave possibly carrying down to 130.<\/p>\n\n\n\n<p><em>You might be interested in:<\/em><\/p>\n\n\n\n<p><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usd-chf-steady-downward-path\/\">USD\/CHF on a Steady Downward Path?<\/a> (Elliott Wave)<\/p>\n\n\n\n<p><a href=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/sp500-slip-bull-wont-trip\/\">Stocks Slip, But The Bull Won\u2019t Trip<\/a> (Elliott Wave)<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The USD\/JPY rally for the past two months has reached a point where a bearish reversal may begin.<\/p>\n","protected":false},"author":160,"featured_media":6170,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-6169","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-elliott-wave"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/JPY Nears The Top of the Hill (Elliott Wave) - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"The USD\/JPY rally for the past two months has reached a point where a bearish reversal may begin. 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