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

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 Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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