• 3 hours Buffett, Dimon Voice Support For Stock Buybacks
  • 9 hours Newmont Goldcorp Now World's Top Miner After Sealing The Deal
  • 1 day Canopy Growth Eyes U.S. Pot Producer In $3.4B Takeover Deal
  • 1 day U.S. Slaps New Sanctions On Cuba To End ‘Glamorization Of Communism’
  • 1 day The Unstoppable Electric Bus Revolution
  • 1 day Pinterest, Zoom Launch Much Anticipated IPOs
  • 2 days Marijuana’s Bizarre Bottleneck Isn’t What You’d Expect
  • 2 days Climbing Stocks Weigh On Gold, But A Turnaround May Be Near
  • 2 days China's Economic Growth Exceeds Analyst Expectations
  • 2 days Gold Prices Fall On Record Global Production Estimates
  • 3 days Can Meditation Make A Business More Profitable?
  • 3 days America’s Biggest And Most Profitable Actually Got Tax Rebates
  • 3 days Central Bank Gold-Buying Is Chipping Away At The Dollar
  • 3 days The Three Assets That Outperformed The S&P Over 20 Years
  • 4 days Inside China’s Renewed War To Purge the Internet
  • 4 days Trump Blames Fed For 10,000-Point Stock Market Loss
  • 4 days Musk Draws SEC Attention With Another Controversial Tweet
  • 4 days The Overlooked Factor Contributing To Inflation
  • 5 days Does Capitalism Need An Upgrade?
  • 5 days Next Major Stock Market Selloff Could Spark A Bull Run For Gold
Tesla Struggles To Compete In European Market

Tesla Struggles To Compete In European Market

Tesla continues to catch the…

Trade In Counterfeit Goods Hits Half A Trillion Dollars

Trade In Counterfeit Goods Hits Half A Trillion Dollars

The counterfeit market has breached…

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