Gold And USDJPY: Intraday Elliott Wave Analysis

By: Gregor Horvat | Tue, Nov 12, 2013
Print Email

Gold is approaching the lows, but with recent slow price action around the 1280 we think that price is in final stages of a five wave decline. A wedge pattern at the low also suggests that support could be near. Keep an eye on 1272-1275 region from where bounce could occur. From a trading perspective it's better to be patient and wait on correction before going short.


Gold 1-Hour Chart

USDJPY has extended gains today, but based on the intra-day price action we think that upside is limited. Notice that pair is in fifth wave up so correction may occur and send price back to 99.00 region that would be an ideal zone for a new bounce higher. We just hope we will get this pullback. At the moment pair is just trading too high and risk/reward ratio is not good at current price.


USDJPY 1-Hour Chart


Written by
Hurry Up only few hours left for 2 for 1 package. Register Now and Save 50% [2 for 1: Get 2 Month Package for Price of 1]



Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of, but before that he was working for Capital Forex Group and His feature articles have been published on:,,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on for Best Forex Analysis in 2016. At 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.

EW-Forecast: To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

Please be informed that information we provide ARE NOT trading recommendation or investment advice. All of our work is for educational purposes only.

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright ©