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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…

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USDJPY: Two Elliott Wave Counts Pointing Higher

By Gregor Horvat - Nov 14, 2013, 6:27 AM CST

Count #1

USDJPY is moving sharply higher since the NFP report. Pair is now above 99.40 so it looks like price is moving up in third leg towards 100.60/70 region after recent retracement back to 99.00 area was just a small correction of wave 3. If our primary count is correct then pair must accelerate sharply to the upside as we expect wave there of three, typically the strongest wave.

USDJPY 4-Hour Chart

Count #2

If pair will turn sharply bearish from any reason and maybe closed on daily basis beneath 99.00 then it may be worth it to keep on this alternate bearish count.

USDJPY 4-Hour Alyernate Elliott Wave Count Chart