Home Elliott Wave Analysis on German DAX and USDJPY
Daily Look

Elliott Wave Analysis on German DAX and USDJPY

German DAX

It’s very slow trading at the moment, ahead of the NFP report that will be released at 12:30GMT. Expectations are 175K, but what really matters to us is how the market will respond to the numbers. Based on latest price action on FX and stocks, we may see risk-off moves, which means that JPY can see more gains and maybe USD as well, while stocks will make a new leg down.

On German Dax we see nice five waves of decline from 9800 area, which means that bears are still in play for German shares. As such, we should be aware of more downside after a three wave bounce that is now underway up into wave b-circled. We see nice resistance around 9520-9600 from where sell-off may show up today for a retest of weekly lows.

German DAX, 1H

dax 1

 

USDJPY

XXX/JPY pairs have strong correlation with stocks, so we need to be aware of more downside on USDJPY also, but after a completed corrective advance. Wave c may find resistance later today around 101.50-102.00.

USDJPY, 30Min

usdjpy 30

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!