USDJPY Elliott Wave Analysis: New High In View

By: Gregor Horvat | Tue, Nov 26, 2013
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USDJPY accelerated nicely to the upside last week and finally took out the 100.60 swing high that represents a wave D) high in a triangle. Usually when this high is broken it means that triangle is complete and that market is moving impulsively. With that said, we think that prices are in a red wave 3) of (5) moving up towards new highs. USDJPY is now in bullish move as long as pair trades above 98.80.

USDJPY Elliott Wave Analysis Daily

USDJPY Elliott Wave Analysis Daily Chart

On 4h Chart USDJPY is trading nicely higher for the last few days within a larger degree of wave 3 from 97.58. Wave 3 is impulsive wave, so we expect to see five waves up. At the moment, we can see that pair reversed slightly to the downside from 101.90 area that could be a top of a subwave (iii). As such, we suspect that pair is now making a corrective wave (iv) retracement back to 101.00 region from where we expect a continuation back to the highs.

USDJPY Elliott Wave Analysis 4h

USDJPY Elliott Wave Analysis 4-Hour Chart

 


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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.

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