Elliott Wave Analysis: USDJPY Trading In A Flat Correction; More Upside In View

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USDJPY is in a strong bullish mode for the last few months so recent pullback down to 115.00 is just a temporary pause within an uptrend. We see this bearish activity as corrective wave 4, that could ideally unfold as a flat correction, now with wave C) in final stages. The whole correction could in sessions ahead end and make a new reversal higher into wave 5, around the 161.8 Fibonacci ratio.

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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.