Elliott Wave Analysis: USDJPY Looking To Extend Towards 104

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USDJPY is at new low, now in wave 5) after a recent triangle consolidation in wave 4) so we think that pair can be making a final wave of decline that should still break beneath 105.54 area before we may look for end of a bearish trend. We however see room for 104.00 zone from where we will look for evidences of a bullish turn in the second part of the month.

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USDJPY, 4H

USDJPY 4

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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.