Elliott Wave Analysis: USDJPY And USD Index

By: Gregor Horvat | Tue, Jan 3, 2017
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USDJPY is in a strong bullish mode for the last few months so recent pullback down to 116.00 was nothing else than just another correction within uptrend. We labeled fourth wave pullback that can be finished already based on recent break out of a corrective channel that makes room for higher prices within wave five of III that can see even 120-121 region this month.

USDJPY, 4H

USD/JPY 4-Hour Chart

USD index made a nice pullback down from 103.63 to 102.00 in the last two weeks. It's a clear three wave move that represents wave 4) of a higher degree that is now pointing higher into wave 5). If we are correct then market will make a new five wave rise above 103.63.

USD Index, 4H

US Dollar Index 4-Hour 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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