USDJPY: Two Elliott Wave Counts Pointing Higher
Count #1
USDJPY is moving sharply higher since the NFP report. Pair is now above 99.40 so it looks like price is moving up in third leg towards 100.60/70 region after recent retracement back to 99.00 area was just a small correction of wave 3. If our primary count is correct then pair must accelerate sharply to the upside as we expect wave there of three, typically the strongest wave.
Count #2
If pair will turn sharply bearish from any reason and maybe closed on daily basis beneath 99.00 then it may be worth it to keep on this alternate bearish count.
Written by www.ew-forecast.com
Tweet
Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
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.
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
Circle Us