Japanese Yen ( USDJPY) On Corrective Wave Within Larger Up Trend: Elliott Wave Forecast

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Regular Flat Elliott Wave Pattern
Regular Flat Elliott Wave Pattern

Written by www.ew-forecast.com |

Yen (USDJPY) reversed nicely lower in this week from above 100.50 area where a three wave rise, labeled as wave (b) appears complete. That was a second leg in wave 2 which is forming a flat correction. In flats you will typically see that wave (c) will find an end point around the wave (a) levels, which in our case comes in around 98.50. As such, we think that pair will test these levels in days ahead from where we will keep an eye on impulsive bullish reversal back to the highs. So larger trend is pointing higher which will remain unchanged as long as 96.77 low is in place.  Break and close above 100.58 will suggest that wave 2 is already done.

USJPY 4h Elliott Wave Analysis

USDJPY 4h Elliott Wave Analysis
USDJPY 4h Elliott Wave Analysis

What is Flat Elliott Wave Pattern?

A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott Wave Pattern.

Regular  Flat

  • Structure is 3-3-5
  • Wave B terminates about at the level of the beginning of wave A
  • Wave C terminates a slight bit past the end of wave A
  • Appears in wave two or four in an impulse, wave B in an A-B-C, wave X in a double or triple zig-zag, or wave Y in a triple threes
Regular Flat Elliott Wave Pattern
Regular Flat Elliott Wave Pattern

 

Written by www.ew-forecast.com

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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.