• 14 hours Even Banks Can't Answer Aramco's Trillion Dollar Question
  • 1 day Will Bezos Buy The Seattle Seahawks?
  • 2 days 6 Tech Trends Transforming The Travel Industry
  • 2 days Ousted Uber CEO Cashes Out $500 Million In Stock
  • 2 days Trump Prepares For Another Key Tariff Decision
  • 3 days The Free Money Bubble Is About To Burst
  • 3 days The Crushing Reality Of Poverty In America
  • 3 days Should You Buy Into The World’s Largest IPO?
  • 4 days The Infinite Possibilities Of Cosmic Energy
  • 4 days Analysts Link Walking To Economic Growth
  • 6 days Will Japan Turn Its Back On The Aramco IPO?
  • 6 days Global Debt Soars To $188 Trillion
  • 7 days The World's Largest Gold Miners Are Getting Creative
  • 7 days Twitter: The Saudi Spy Tool To Bring Down Dissidents
  • 8 days Broad Commodity Funds Don’t Give Enough Exposure To Gold
  • 8 days Here We Go Again: Another Giant Telecoms Mega-Merger
  • 9 days World's Largest Gold Miner Sees Profits Triple
  • 9 days Microsoft Japan Trials 4 Day Work Weeks, Productivity Soars By 40%
  • 10 days Hedge Funds Lose $4 Billion In Four Days As California Wildfires Rage On
  • 10 days New Viral App May Be A National Security Threat In Disguise
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

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

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