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USDJPY Could Reach 95.00 (Elliott Wave)

JPY was pushed lower again while Japanese shares soared after a Bank of Japan member said that more monetary easing could be justified later this year.

USD JPY Elliott Wave Technical Analysis February 12 2013
USD JPY Elliott Wave Technical Analysis – Click image to enlarge

USDJPY reached levels around 94.40 but we see an incomplete impulse from 92.15 swing low which means that pair should continue higher.

We expect at least one more push up as current pull-back appears to be corrective black wave iv. Support for the pair comes in at 93.60/70.

S and P Elliott Wave Analysis February 12 2013

S&P Futures are in a pull-back mode after a five wave rally from 1494. So far the decline looks corrective so we like the idea of incomplete uptrend. Support comes in around 1505. This count is also bearish for JPY, which means higher USDJPY.

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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!