USDJPY and FTSE100 Intraday: Elliott Wave Analysis

By: Gregor Horvat | Thu, Aug 21, 2014
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10 year US notes came down from 127'00 to 125'30, so yields are up that which is supportive for USDJPY. Pair rallied nearly 100 pips yesterday that looks like a wave (iii) now from 102.10. As such, we are tracking an impulsive rally from August 08 that should reach even higher levels, but after a corrective wave (iv). We expect that one very soon, with a retracement back to 103.20/40 before uptrend may extend to a new high with wave (v).

USDJPY 1h Elliott Wave Analysis

USDJPY 1-Hour Elliott Wave Analysis Chart

On some global major indices I still expect a deeper retracement as rally from August lows unfolded in five waves. On FTSE100 below we have already send some weakness from latest high, but that trendline still need to give way to confirm a deeper retracement, back to open gap before we go higher. We see limited upside on stocks, sooner or later corrections will come that are part of a big uptrend.

FTSE100 1h Elliott Wave Analysis

FTSE100 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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