USD/JPY is bullish near-term – Elliott wave analysis

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Hello traders,

On the daily chart of USDJPY we see price unfolding a bigger A-B-C move, up from 101.16 level, which can belong to a bigger triangle consolidation. As you can see, wave A found a high at the 111.74 level, from where a three-wave, complex set-back started developing. This setback is a wave B, and can be near completion with its w-x-y decline, therefore be aware of further upside, above the 109.84 level in days/weeks ahead. That said, we would like to see a rally in five legs of a lesser degree from current 106.03 swing low, which would be the first evidence of a completed wave B correction, and that wave C is underway.

USDJPY, daily

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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!

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