USDJPY Looks Bullish - Elliott Wave

By: Gregor Horvat | Thu, Nov 21, 2013
Print Email

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.

USDJPY 4h

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

 


Written by www.ew-forecast.com

 


 

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.

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 © Safehaven.com