Elliott Wave Analysis on EURJPY and Nikkei

EURJPY

On the intraday chart of EURJPY, the pair is still pointing downwards with a current small triangle consolidation in progress. We expect lower levels after this triangle is over. Our target for the v wave which would be the last drop in this sequence is close to 124.30 levels.

EURJPY, 1H

Nikkei 225

Nikkei 225 is Japan stock index. As you see on the chart, the ABC corrective pullback should be over around 14.807 levels. By looking other correlative markets we think that this index might be headed for new highs since we see USDJPY up, USD INDEX up, stocks up and EUR down. All of these are in correlation which means they trade in tight synchronicity. On the smaller time frame we already see 5 waves up from the lows.

Nikkei, Daily

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!

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