USDJPY Elliott Wave Analysis April 11, 2014

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US stocks fell sharply yesterday, but the FX market once again did not follow the moves. So it was probably quite boring for the currency traders. US bonds were higher once again but USDJPY interestingly did not move much. However we see room for much lower levels on US yields and stocks so we believe that sooner or later USDJPY will continue to the downside with accelerating price action.

On the hourly chart we have seen a reversal from the low above the upper channel line which suggests that five wave decline is done and that market is in three wave rally back to 38.2-61.8% retracement level. This would be ideal zone for shorts next week.
USDJPY 1h Elliott Wave Analysis

usdjpy elliott wave intraday

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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.