Elliott Wave Review: EURUSD and USDJPY

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USDJPY 30min Elliott Wave Analysis
USDJPY 30min Elliott Wave Analysis

Written by www.ew-forecast.com |

The USD is still under pressure but some of the latest price action suggests that we could see a reversal soon.

On EURUSD we see five waves up, but after every five waves correction follows, therefore be aware of a bearish swings in coming sessions, either from current levels or from 1.3310
EURUSD 30min Elliott Wave Analysis

EURUSD 30min Elliott Wave Analysis
EURUSD 30min Elliott Wave Analysis

We are also still keeping a close eye on USDJPY, where only three wave rally from 98.52 to a new high suggests that market could be forming a flat correction. With that said, wave (c) could show up before we may finally turn bullish.
USDJPY 1h Elliott Wave Analysis

USDJPY 30min Elliott Wave Analysis
USDJPY 30min Elliott Wave Analysis

The reason why we are considering one more leg down on USDJPY are US bonds, where we expect a wave c rally up on 30, 10 and 5 year notes.
USDJPY vs 10year US notes

USDJPY VS BONDS sep 11 2013
USDJPY VS BONDS sep 11 2013

With that said, we are still interested in USDJPY longs, but we need lower levels and completed corrective move on US bonds. Because when again US bonds will turn south, yields will go up which will be supportive for USDJPY.

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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.