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USD/JPY: Another Correction Within the Uptrend, Focusing On 101.00

USDJPY accelerated nicely to the upside last week and finally took out the 100.60 swing high that represents a wave D) high in a triangle. Usually when this high is broken it means that the triangle is complete and that the market is moving impulsively.

With that said, we think that prices are in a red wave 3) of (5) moving up towards new highs. USDJPY is now in bullish move as long as the pair trades above 98.80

DAILY chart

 891usdjpy_nov_24_2013_daily forex trading Elliott Wave Analysis

On the 4h chart we can see an impulse in progress. We are tracking black wave 3 as labeled on the chart which is an impulsive wave, so we expect to see five waves up. At the moment, we can see that the pair reversed slightly to the downside from the 101.90 area (261.8% Fibonacci resistance) that could be a top of a subwave (iii). As such, we suspect that the pair will know make a corrective retracement in wave (iv) back to the 101.00 region from where we expect a continuation back to the highs. As such, the 101.00 region could be interesting for long entries.

4H Chart

 2816usdjpy_nov_26_2013_4h forex trading Elliott Wave Analysis

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!