Elliott Wave Analysis: USDJPY Trading In Final Stages Of Wave 5; A Reversal Could Be Near

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USDJPY is trading nicely higher, now at the 118.0  mark, after a triangle correction had unfolded at the 113.10 level in the previous wave 4. As such we see more gains in play, ideally towards the 61.8 Fibonacci ratio, where some resistance may be seen for wave 5 and a minimum three wave reversal lower may follow.

Break beneath the 113.11 level would be a confirmation for a top in place and more weakness to follow.

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USDJPY, 4H

4h-usdjpy-dec-16-2016

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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.