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Elliott Wave Analysis: USDCAD and USDJPY

USDCAD is making a nice and clear bearish structure away from the 1.3348 level, where the corrective blue wave ii was completed. That said the current bearish development now suggests that blue wave three is in progress and can reach the Fibonacci projected level of 261.8%, from where bears can slow down and a new temporary rally into blue wave four can follow. Ideally the mentioned wave four will later see limited upside around the former fourth waves near the 1.2996/1.3015 region from where a new drop can follow.

USDCAD, 4H

USDJPY is in a nice recovery since mid-June when the market turned up from 108.80 after a completion of a bigger three wave fall. That said as we can see the bulls took charge and could be now unfolding a bigger impulsive structure. We see first waves one and two completed, which means recovery up from 110.95 level can be blue wave three in the making, that can extend towards the Fibonacci projection zone at 161.8 in the next couple of days.

USDJPY, 4H

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!