USDJPY Elliott Wave Analysis: Wave C At Resistance

By: Gregor Horvat | Fri, Mar 7, 2014
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As expected, USDJPY moved up into a third leg of recovery in this week, which can be wave (c), maybe already near completion after rally into 50-61.8% resistance area. At the moment however, sentiment is bullish but impulsive sell-off from current levels and beneath 102.00 area will be a signal for a bearish reversal. In that case traders should be aware of USDJPY bearish continuation towards 100 level. On the otherhand, bullish extensions up to 105.00 area will indicate a bullish trend towards new highs.

USDJPY 4h Elliott Wave Analysis

USDJPY 4-Hour Elliott Wave Analysis Chart


USDJPY One Hour

USDJPY is also up this week because of higher stocks prices and US yields. We see pair slowing down around 103.00 level, but current price action in 40 pip range is looking corrective, so it can be fourth wave with new leg up in view. This will be wave v heading up to 103.40 resistance area.

USDJPY 1h Elliott Wave Analysis

USDJPY 1-Hour Elliott Wave Analysis Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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