Elliott Wave Analysis: USDJPY Could Face A Reversal Higher; Support Seen Around 104.50


USDJPY seem to be in the ending diagonal pattern. We see choppy overlapping structure, which suggest that wave 5) may be in a strong reversal pattern. If this ending diagonal stays valid, we could face quite a strong reversal in the next few sessions, reaching for red wave 4) swing. This can also unfold during the FED announcement later today. Support levels are seen around 104.90 area but still ending diagonal finishing wave can overshoot the lower channel boundary line so it is possible we might even touch 104.50, before going higher.

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USusdjpy 1hDJPY, 1H


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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.