Elliott Wave Analysis: USDJPY Could Face Some Support And Bounce Higher

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USDJPY is in a strong bullish mode for the last few months so current pullback is just a temporary pause within an uptrend that may look for a support at 112.00-113.00 region. We see this bearish activity as corrective wave 4, that seems to be unfolding as a double zig-zag pattern. If that is the case then reversal should be near as structure shows all needed sub-waves for a valid fourth wave. From a confirmation point of view, a bounce back to 115.47 would be a trend changer.

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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.