Hello traders! In one of our latest articles, published in the middle of the week here at Forex Crunch, we were discussing about Usd/Jpy and a potential Long opportunity after a nice pull-back against five waves that appeared from the 80.40 area. Well, unfortunately the pair did not go in our preferred direction, prices went straight down and reached levels below 80.40 on Friday, just before the close.
And here is the great question we received from a reader.
“How Elliott Wave Theory can explain a five wave move of the lows being fully retraced in USDJPY?”
Well moves on the forex market can be very tricky sometimes, but Elliott Wave Principle always has an answer, but to figure it out, all you need to know is just a few rules and guidelines about that theory.
In our free video we will present you one of the most common pattern, called a “Flat correction” which occurred on Usd/Jpy and provides an answer to our reader.
Check out our video below.Get the 5 most predictable currency pairs