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USDJPY & USD Index May Take A Corrective Pause Within

USDJPY broke sharply to the upside in the past few days, clearly making an impulsive rise that is still incomplete, but as always pullbacks can occur. A new corrective setback could be seen here in the upcoming sessions, as we can count five waves up within an extended red wave 3) which is already turning down from above the 124.00 level. That said, traders must be aware of a retracement back into the 122.80 area before the uptrend may resume again.

USDJPY 4h Elliott Wave Analysis

USDJPY 4h Elliott Wave Analysis May 28 2015 technical chart

The USD Index is trading higher in the last two weeks after it broke out of a downwards channel. Notice that the rally is sharp so we see it as an impulse that is the start of a new bullish cycle. That said, further gains will likely follow in the days ahead, ideally up into wave 3) towards the 100 projected level. A decline beneath 94.88 support will require an updated count.

USD Index 4h Elliott Wave Analysis

DXY 4h Elliott Wave Analysis May 28 2015 technical chart

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!