USDJPY Could Be A Good Buy If US Bonds Will Be Trading Lower - Elliott Wave

By: Gregor Horvat | Thu, Oct 31, 2013
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On the 5 year US notes we can count five waves up from the lows so sooner or later larger downward pullback will occur in three legs. This means that US yield will should be moving to the upside which is supportive for the USDJPY.

5 Year US notes 4h

5-Year US Treasury Notes 4-Hour Chart

On USDJPY we can see a nice clean five waves up followed by a recent bearish reversal from around 98.70 where wave (i) appears complete so pullback is most likely a corrective wave (ii). This wave (ii) should be made by three legs, so we expect more downside or sideways price action in the next 24 to 48 trading hours. But after that pullback we will be looking for long entries, ideally from around 97.80-98.00 support zone.

USDJPY 1h

USDJPY 1-Hour Chart

 

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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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