30 Mar 2015
USD/JPY could bounce higher towards 123.00 area – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, uses Elliott Wave Analysis to predict that USD/JPY might stage a bounce from 118.50 area towards 123 levels.
Key Quotes
“USDJPY moved to a new high at the start of March weeks back but then price turned down for nearly 270 pips, suggesting that bulls are slowing down."
As such, we adjusted the wave count into an ending diagonal that is taking place in wave 5. If we are correct then price is now in subwave (iv) that should find a support near 118.50 from where another but final leg up should occur that will complete the pattern somewhere around the upper trendline, near 123.”
Key Quotes
“USDJPY moved to a new high at the start of March weeks back but then price turned down for nearly 270 pips, suggesting that bulls are slowing down."
As such, we adjusted the wave count into an ending diagonal that is taking place in wave 5. If we are correct then price is now in subwave (iv) that should find a support near 118.50 from where another but final leg up should occur that will complete the pattern somewhere around the upper trendline, near 123.”