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USD/CAD nears support; USDJPY looks to lower levels –

USDCAD turned down nicely yesterday from wave D levels as highlighted in past updates. Well, we still assume that the pair can be in the late stages of a triangle placed in a fourth wave. If that’s the case then the current wave E should be looking for  support around 1.2400/1.2430 area, but because of a very strong decline we recommend to wait on an impulsive bounce first, before any bullish turn can be considered.

USDCAD 1h Elliott Wave Analysis

USDCAD February 25 2015 Elliott Wave Analysis Canadian dollar technical outlook

USDJPY turned down very nicely yesterday from 119.80, just a few hours later after we presented a corrective rally for wave b) and projected a turn down into wave c). Notice that price came down sharply and also took out trendline support from 118.28 so we suspect that wave c) is now in play for lower levels; 117.70 followed by 117.10 where the market can be looking for a base later this week.

USDJPY 1h Elliott Wave Analysis

USDJPY February 25 2015 Elliott Wave Analysis Japanese yen dollar technical outlook

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on 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 Ew-forecast he helps clients and educates them about the Elliott wave principle 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. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!