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USDJPY Could Look For A Support At 101.00-101.30

The USD is still moving sideways against the most of the majors as the USD Index sits above the 80.00/80.10 level.

A break down is needed for some acceleration against the USD, otherwise the FX market may stay sideways for few more trading days.

On the FX quotes USDJPY is showing some expected waves in this week, now moving down after a break out of a triangle and a fall from a resistance line. However, traders should not get excited too much regarding USDJPY weakness, as we see limited downside within wave C that is part of a wave D. Support is at 101.30, followed by 101.00, so we think that sooner or later the pair will find some support.

USDJPY 1h Elliott Wave Analysis

usdjpy intraday Elliott Wave Analysis June 2014 dollar yen 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!