"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 4 hours Why Investors Must Look At Small-Cap Stocks
  • 5 hours Banking Major Pays $42M For Misleading Customers
  • 6 hours Rookie Daytrader Accidentally Makes $10 Million Profit
  • 7 hours Flying Cars Are No Longer Science Fiction
  • 8 hours The Internet Fights Back As EU's Controversial Copyright Bill Passes
  • 10 hours Is Gold Preparing For A Reversal?
  • 12 hours Tech Giants Under Fire For Facial Recognition
  • 1 day 4 Reasons Why Gold Investors Should Keep A Cool Head
  • 1 day Hackers Lift $30 Million In Crypto From South Korean Exchange
  • 1 day Tax Reform Could Push U.S. Profits Abroad
  • 1 day Pot Stocks Soar As Canada Legalizes Cannabis
  • 1 day How Chinese Investors Could Send The Tech Boom Into Overdrive
  • 1 day U.S. Market Growth Weighs On The Global Economy
  • 2 days The Trials And Tribulations Of A $4 Billion Blockchain
  • 2 days The Crypto Cartel: Inside Bitcoin’s Rise And Fall From $300B
  • 2 days Why We Should Be Worried About Europe’s New Copyright Laws
  • 2 days How Will Trump’s Tariffs Impact Tech Stocks?
  • 2 days Net Neutrality Supporters Face Off Against The FCC
  • 2 days Treachery At Tesla: Rogue Worker Steals Secret Data
  • 2 days Things Are Beginning To Look Up For Bitcoin
Google Takes Aim At Amazon And Alibaba

Google Takes Aim At Amazon And Alibaba

Google has announced that it…

How Chinese Investors Could Send The Tech Boom Into Overdrive

How Chinese Investors Could Send The Tech Boom Into Overdrive

Chinese residents have long-since missed…

Stock Markets Open Lower On Renewed Trade War Fears

Stock Markets Open Lower On Renewed Trade War Fears

Stock markets opened lower on…

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…

More Info

Elliott Wave Analysis On EURJPY And USDJPY

EURJPY

On the EURJPY we are observing a corrective part of a higher degree triangle consolidation taking place, with the final wave E and its sub-wave A) in motion.

As we see on the chart, we expect  the completion of this triangle around the 114.90/115.10 area from where we expect resistance to show up, ideally at the previous swing X at the 114.737 mark.

From there more weakness may follow and ideally a nice sell-off.

EURJPY, 1H

EUR/JPY 1-Hour Chart


USDJPY

USDJPY is trading quite bullish, currently tracing out the fifth wave of an impulsive sequence with minor red leg iii) in progress.

The ongoing movement has three waves, meaning we need two more legs to complete the whole pattern from the 103.165 mark. That said the main resistance levels are around the 105.30/105.50 region from where we expect a reversal.

USDJPY, 1H

USD/JPY 1-Hour Chart

Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3. They appear to reflect a balance of forces, causing a sideways movement that is usually associated with decreasing volume and volatility.

A Basic Triangle Correction:

Idealized Basic Triangle Correction

 


Interested in our services? We have a Special Offer: Get 14 Days Access For 1€!! Grab the opportunity now at www.ew-forecast.com You can even subscribe to our Twitter account -> @ewforecast

 

Back to homepage

Leave a comment

Leave a comment