Elliott Wave Analysis On USDJPY And SILVER

By: Gregor Horvat | Fri, Sep 30, 2016
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USDJPY

USDJPY saw some weakness recently from 101.80/102.00 area, but so far only in three waves so it can be wave X of a complex corrective rally. If that's the case then market will reach higher prices next week around 102.20/40 before new sell-off may show up. On the other-hand, decline beneath 100.75 would suggest that bears are already back.

USDJPY, 1H

USD/JPY 1-Hour Chart


SILVER

Silver is moving fast at the moment, now trading at 19.64 with very aggressive price moves, so it appears that wave 3 might have already started. However, it is still only intraday price movement, but daily close here or even higher will likely suggest that a push up to 20.00 will happen next week. On the other-hand decline beneath 19.25 will put bears back in play.

Silver, 1H

Silver 1-Hour Chart

 


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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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