• 2 days 3 Restaurant Stocks In Full Recovery Mode
  • 2 days Bitcoin Is Driven By Testosterone
  • 7 days Quantum Computing Is The Newest Megatrend In Silicon Valley
  • 8 days How To Invest In The Cybersecurity Boom
  • 10 days Investors Are Patient With Unprofitable Giants
  • 12 days Wells Fargo Back In The Scandal Spotlight Once Again
  • 14 days 5 Stocks To Keep A Close Eye On This Year
  • 15 days As Auto Giants Flail, Look To Chip Stocks For Gains
  • 16 days Central America Is Ready For The Bitcoin Hustle
  • 18 days China’s Video Game Restrictions Unlikely To Slow Down Booming Industry
  • 19 days Top Performing Stocks As Inflation Fears Grow
  • 20 days US Airline Stocks Take A Beating On New EU Restrictions
  • 21 days This IPO Could Open Sustainable Fashion Floodgates
  • 22 days Crypto Crime Nets Another $2B Fraudster
  • 24 days This Week’s Hottest Meme Stocks
  • 25 days Why World Markets Should Be Watching Germany Closely
  • 27 days Could ‘Cultured’ Meat Rival The Plant-Based Megatrend?
  • 29 days ‘Easy Money’: Crypto Is Still Attracting Newbie Investors
  • 31 days Foreign Syndicates May Have Stolen Up To $400B In COVID Benefits
  • 32 days Gold Jumps Above $1800 Ahead Of Jackson Hole Summit
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

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: Crude OIL and USDJPY

Crude OIL

This is a nice push higher on crude oil despite stronger USD today. We see crude oil making a sharp move up now towards 55.00 which appears to be a wave three of three at the moment, so expect more gains towards 55.30/55.50 in the near term. Any intraday bearish reactions will be temporary and part of an uptrend while price is above 54.18, but 53.27 can be more important for uptrend to stay valid.

Crude OIL, 1h

Crude Oil 1-Hour Chart


USDJPY

USDJPY is turning bullish from 112.60 with five waves, which means more upside will be expected after any pullback in three waves on 30min chart. We suspect that this first leg up can be part of a much stronger and larger uptrend especially if we consider the correlation with NIKKEI. If Nikkei is headed higher then normally USDJPY will follow it. Well, if you will look at 4h chart of Nikkei you can see a clear A-B-C-D-E triangle formation which is a bullish structure that suggests a break to a new high, therefore a lot more upside can be seen on USDJPY also.

USDJPY, 30Min

USD/JPY 30-Minute Chart

Nikkei, 4H

NIKKEI 4-Hour Chart
Larger Image

 


Visit our website and Get more charts and forecasts with free access through 14-Day Trial Offer
You can also follow us on twitter @ewforecast
www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment