Elliott Wave Analysis: USDJPY Showing Signs Of A Temporary Correction; We Are Still Looking Higher Towards 114.50

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At the moment it’s too soon to confirm if wave 1 on USDJPY has already topped out or is this current pullback still only subwave four of 1 with another leg up coming towards 114.50 in the near-term. But what matters the most to me is that we have three legs down from the high so structure still fits into a bullish pattern, which means that we will favor more upside but after a break above 114.06 swing.

 

 

USDJPY, 1H

 

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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.