USDJPY Looks Bullish - Elliott Wave

By: Gregor Horvat | Thu, Nov 21, 2013
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USDJPY has accellarated to the upside in the last two sessions above 100.60 swing high from Sep 11th. A daily close above that level opens door for more upside, so we are tracking an updated count that shows wave three of three in progress towards 101.50-101.70. Any unexpected reversal back to 98.00 level will invalidate the count.


USJPY 4-Hour Chart

On intraday chart USDJPY is trading sharply higher for the past two trading sessions. We see some nice clean directional waves without overlaps in recent leg up so we think that market is in impulsive rise. Impulses are five wave patterns, and ideally price is now still only in red wave iii) which means that pair could continue much higher in sessions ahead. Therefore, we will keep an eye on one of the coming fourth waves for long.

USDJPY 30min

USDJPY 30-Minute Chart


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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.

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