• 13 hours Silver Stocks Have Been Decimated In The Coronavirus Sell-Off
  • 1 day How Blockchain Tech Could Make Mergers And Acquisitions More Efficient
  • 2 days America’s Shortage Of This Metal Keeps Trump Up At Night
  • 2 days Bidet Bonanza: Defying The Toilet Paper Shortage
  • 3 days U.S. Auto Sales Fall By 75%
  • 3 days Violating Quarantine? Big Brother Is Watching
  • 4 days Does Gold Still Have Some Room To Run?
  • 4 days Major Acquisition Gives The World’s First Green Ride-Share Another Edge
  • 4 days U.S. Pushes For Digital Currency For Immediate Stimulus
  • 5 days The Impossible Challenges Created By Growing Population
  • 5 days Gold Skyrockets After Fed Pledges "Unlimited" Cash To Boost Economy
  • 5 days World’s Richest Lose $1 Trillion In Stock Market Rout
  • 6 days Gas Stations Shut Down In Venezuela As Coronavirus Crisis Intensifies
  • 6 days The Best And Worse Case Scenario For The U.S. Stock Market
  • 6 days 3 Industries Soaring During The Coronavirus Crisis
  • 7 days The Key To Commercial Hydrogen
  • 7 days Gold Still Beating Much Of The Market Despite Sell-Off
  • 8 days Gold Miners Struggle With COVID-19 Fallout
  • 8 days The Dollar Reigns Supreme In Times Of Crisis
  • 9 days The Most Exciting Green Startups To Watch In 2020
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Gregor Horvat

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…

Contact Author

  1. Home
  2. Markets
  3. Other

USDJPY: Big Correction Near Completion

USDJPY is falling sharply and very aggressively towards the levels of August of 2015, but it's still too soon to confirm if wave four will be a triangle or a flat. It can be both as long as wave A) holds, but we still think that sooner or later bears will slow down and that price will rally in three legs; either from here or from around 114.00. So for now, trend is still down, but key for bulls will be a bullish reversal in five waves on lower time frames. Only then we can start looking immediately higher again.

USDJPY, Daily

USDJPY Daily Chart

On the lower time frame, USDJPY reached new lows this week after a completed wave 4, so pair might be forming a bottom if we consider recent bounce with more than 200 pips from the low. That said, we would not be surprised if pair will continue higher, at least with three legs of recovery, specifically if stocks will hold lows that were made earlier this week. However, even if USDJPY is bottoming it still can be a little too soon for confirmation; we want an overlap with 120.32 before significant low can be locked-in.

USDJPY, 4H

USDJPY 4-Hour Chart

 


If you lou like our trading anaylysis, you can visit our site at www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment