USD/JPY Could Reach 99.00 While 95.75 Holds – Elliott

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USDJPY has made three waves of a pull-back from latest high that could be near completion as the price tested and already reversed from the very important 61.8% Fibonacci support level.

We expect to see a move higher from here, ideally in an impulsive fashion back to 98.64.

The reason for the bullish outlook is a previous five wave rally in wave A) which is called an impulsive move.

usdjpy aug 21 2013 1h Elliott Wave Analysis technical trading forex currencies

Impulses show direction of a trend or temporary change in trend, that’s why we think that current trend is bullish, and that three wave retracement from 98.65 is temporary. The invalidation level remains at 95.75.

On the basic chart below you can see where USDJPY is at the moment.

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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 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!

2 Comments

  1. Pingback: USD/JPY Could Reach 99.00 While 95.75 Holds – Elliott Wave Analysis | Beginning Forex

  2. Great analysis. almost bullish to 99.00.
    will its continue till 100.00?