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USDJPY and Crude OIL Intraday - Elliott Wave Analysis

USDJPY can be in fourth wave here of a new bullish turn up from 123.00 low. If that is the case then new high will follow today, up to around 124.00 area. If that will prove correct, and if channel resistance line will be taken out then our view will be for longs in red wave ii). Keep a very close eye on that one.

USDJPY 1h Elliott Wave Analysis

USDJPY 1-Hour Elliott Wave Analysis Chart

We adjusted the wave count on crude as price keeps trading sharply lower so who knows where it will bottom. That said, it's better to stay with a trend and be aware of even more weakness after any pullback. We see fourth wave coming, which can retrace back to 48-48.70 area before downtrend will resume.

Crude Oil (Sep 2015) 1h Elliott Wave Analysis

Crude Oil (Sep 2015) 1-Hour Elliott Wave Analysis Chart

 


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