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We are providing technical analyzes for the financial markets and how they behave based on the Elliott Wave Principle. The Elliott Wave Principle gives you a method for identifying at what points a market is most likely to turn. And that, in turn, gives you guidance as to where you might enter... More
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  • USDJPY Elliott Wave Analysis: Correction Within Uptrend 0 comments
    Jan 17, 2014 5:07 AM

    USDJPY reversed higher in impulsive fashion from 102.80 where we see a completed three wave decline. Three wave moves represent a corrective price action which was mostly the case on this pair from start of January. We see a completed corrective pullback, labeled as wave 4) which means that pair may now continue to the upside again, this time up in wave 5) with impulsive price action. As such, we suspect that current pullback from around 105 figure is just temporary minor retracement within ongoing uptrend. We see it as wave 2 that will ideally look for a support around 104 zone; at former swing low of wave A.

    USD/JPY 4h Elliott Wave Analysis

    (click to enlarge)

    Written by www.ew-forecast.com

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