JPY Crosses Going Higher as Stocks and Oil Looking Bullish– Elliott Wave


AUDJPY looks to be recovering after a bigger, five-wave drop from end of June, which found a base at the 69.95 level. We know that after a five-wave drop, a three-wave pullback is expected to follow, which means an a-b-c can be now in progress on the pair. On the intra-day chart of AUDJPY we see price in a minor a)-b)-c) pullback of a leg b/ii, after the initial five-wave recovery from the lows labelled as wave a/i. Possible support, and reversal zone for the minor correction can be near the 50.0/61.8 (71.0/70.7 area). Also because of bullish aussie, and bullish stocks, minor wave c/iii rally on the AUDJPY is even more favourable.



CADJPY made a five-wave drop of a higher degree and found support at the 78.50 area. Like AUDJPY we see price trading into a minimum three-wave recovery a/i-b/ii-c/iii, where corrective wave b/ii is near the Fib. Ratio of 50.0 and 61.8 and turning higher. A rally in impulsive fashion would indicate wave c/iii to already be in progress. Also, because of bullish crude oil, there is a greater chance that cadjpy will go higher. 



Get the 5 most predictable currency pairs

About Author

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 His feature articles have been published on,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on 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!

Comments are closed.