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Elliott Wave Analysis: USDJPY Looks to have Completed A

USDJPY is showing a nice example of the wave principle in motion, a higher degree impulse. That said we believe more upside may follow from current levels as the price seems to have been recently trading in sub-wave 4-circled. The recent bounce from around the 38.2 Fibonacci ratio indicates the fourth wave correction has completed.

USDJPY, Daily

Regarding the 4h chart. USDJPY is turning bullish after a very deep corrective retracement in wave 4. It was a double zigzag that has bottomed earlier this week. So far there is a nice bounce back to 115.60 bullish level where the breakout will be a new confirmation for higher prices, after that broken channel that occurred already 24 hours back. As such, we believe that wave five will see much higher prices and that 118.65 can be seen again in February.

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!