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.

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

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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