Search ForexCrunch

USDJPY began the week with an upwards move, but the pair is now turning sharply down through the support channel line connected from 117.22. So, it looks like that five wave rally from 117.22 is now complete at 119.12. We have also see a nice reversal on the E-mini S&P500 recently so it should not a be a surprise to see even stronger JPY while 10 year US notes are rallying.

USDJPY December 1 2014 Elliott Wave analysis technical outlook for currency trading i

USDJPY 1h Elliott Wave Analysis

One very interesting pair during this week can be EURUSD for more weakness once a correction is finished. We are still tracking a triangle, now with wave (d) in progress towards 1.2400, but we would be interested in shorts after wave (e). So ideally, the pair will turn south later this week.

EURUSD December 1 2014 Elliott Wave analysis technical outlook for currency trading

EURUSD 30min Elliott Wave Analysis