Sat, Jan 28, 2023 @ 16:47 GMT
HomeContributorsTechnical AnalysisElliott Wave Analysis: USD/JPY Has Five Waves Up, Keep an Eye On...

Elliott Wave Analysis: USD/JPY Has Five Waves Up, Keep an Eye On Corrections

USDJPY is in uptrend, but extreme overbought condition, slow down on US yields and also some speculation regarding BoJ JPY intervention puts a strong resistance in play on USDJPY. In fact, the pair has five waves up from start of April, so there can be time for a pullback; its totally normal. Five waves up from the start of April (1h chart) may suggest that there can be some retracement coming. We should keep an eye on trendline support connected from 121.17, where a decisive breakdown will signal that bulls are done, at least temporarily. The daily count also suggests some correction in the weeks ahead as the pair can be in the late stages of an extended wave V or even wave III.

Elliott Wave Financial Service
Elliott Wave Financial Servicehttp://www.ew-forecast.com/
Trading forex, futures or futures options carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.

Featured Analysis

Learn Forex Trading

Is it Possible to Trade Part Time?

Greed and Fear in Trading

Forex Algorithmic Trading

Risk-on and Risk-off