Elliott Wave Analysis: Bulls Can Take USDJPY Towards Higher Prices


USDJPY is turning nicely to the upside for the last two weeks which now looks like a new impulsive structure. On the 4h chart we see current price trading higher within wave five of 1 that hit 261.8% Fibonacci target an the upper red trendline of an expanding diagonal that can turn into a resistance. As such, a new corrective set-back could show up in days ahead; ideally with a three wave retracement back to 108.30 area. But most important of all is that market has five waves up from the low, thus trend has changed from bearish to bullish mode that is expected to continue to much higher levels based on structure on higher time frames.

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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.