Elliott Wave Analysis: USDJPY And USD Index

By: Gregor Horvat | Tue, Jan 3, 2017
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USDJPY is in a strong bullish mode for the last few months so recent pullback down to 116.00 was nothing else than just another correction within uptrend. We labeled fourth wave pullback that can be finished already based on recent break out of a corrective channel that makes room for higher prices within wave five of III that can see even 120-121 region this month.

USDJPY, 4H

USD/JPY 4-Hour Chart

USD index made a nice pullback down from 103.63 to 102.00 in the last two weeks. It's a clear three wave move that represents wave 4) of a higher degree that is now pointing higher into wave 5). If we are correct then market will make a new five wave rise above 103.63.

USD Index, 4H

US Dollar Index 4-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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