Elliott Wave Analysis: Completed Correction On USDJPY Points Higher

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USDJPY is in a strong bullish mode for the last few months so recent pullback down to 115.00 was just a temporary pause within an uptrend. We see this bearish activity as corrective wave 4, that seems to have ideally unfolded as a flat correction. Recent intraday bounce at the 161.8 Fibonacci ratio indicates that the correction in wave 4 can be completed, and that more upside may follow in days ahead. That said a five wave move higher from current levels would indicate more gains to follow.

 

 

 

USDJPY, 4H

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.