USDJPY Bullish Reversal Could Be Near - Elliott Wave Forecast

By: Gregor Horvat | Mon, Oct 7, 2013
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USDJPY Daily

USDJPY did not accelerate to the upside yet, so it seems that we will have to wait on a bullish price action a little longer, As such, we adjusted the wave count and suspect that pair is in final stages of a wave (4) now. We however are still observing a triangle that should be near completion. We see wave E) down that could look for a bottom around 97.00 area from where we could reverse up in wave (5). An impulsive rally from current zone would be a confirmation for a new bullish period on USDJPY.

USDJPY Elliott Wave Analysis Daily Chart

USD/JPY Elliott Wave Analysis Daily Chart


USDJPY 4h

On 4h Chart, USDJPY is still in bearish mode and testing 97.00 level where we see some very important Fibonacci levels that could react as a strong support for the pair. In fact, we are tracking wave E from 100.55, which is a final leg within larger fourth wave triangle so bullish reversal could be near, and should not be a surprise if we consider that decline from early September is looking corrective in nature with its overlapping wave structure within corrective channel., labeled now as a simple A-B-C move.We however need an impulsive bounce in price back to 98.70 swing high to confirm low in place.

USDJPY Elliott Wave Analysis 4h Chart

USD/JPY Elliott Wave Analysis 4-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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