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USD/JPY Elliott Wave

Japanese Yen is showing a very weak picture today across the board, losing a lot of value against the other major currencies but the most against the British Pound (more than 1%).   The main driver for lower Japanese Yen is higher stock market and raising yields.

Elliot Wave USD/JPYGuest post by  Gregor Horvat

The best positive correlated pair with bond yields is Usd/Jpy, which found the support today at 82.30 from where an impulsive reaction appeared and pushed the pair above the 83.78 wave (A) region, which definitely confirms that larger trend is up! We should see at least three-wave bounce on the upside from the 82.32 region, or potentially this could be start of a new bullish cycle through 84.40 and much higher later on.  If we are on the right track here, then five sub-wave structure is a red wave 1), with wave 2) pull-back to come in the very near-term. As such, any three wave of a retrace within a wave 2) should offer a Long opportunity, while the market trades above 82.30; new established support.

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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!