Elliott Wave Analysis On EURJPY And USDJPY

By: Gregor Horvat | Tue, Oct 25, 2016
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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

 


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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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