Elliott Wave Forecast Team
ElliottWave-Forecast.com
Unexpected monetary expansion from Bank of Japan sent global stocks higher. Treasuries are trading down, metals are following, while USD is looking strong especially against JPY.
USDJPY move to a new high of the year, now moving within wave (iii) that can reach levels around 112 where we see 261.8% Fibonacci extension target. Any downward pullbacks in the middle of this bullish trend will be just temporary corrections with limited downside.
USDJPY 1h Elliott Wave Analysis
Metals are falling sharply with gold trading at new low of the year. We have seen a nice extended decline from 1235 this week, but still not in five waves. Therefore be aware of even more weakness in session ahead, close to 1150, while 1196 is not breached.
GOLD 1h Elliott Wave Analysis
USDJPY move to a new high of the year, now moving within wave (iii) that can reach levels around 112 where we see 261.8% Fibonacci extension target. Any downward pullbacks in the middle of this bullish trend will be just temporary corrections with limited downside.
USDJPY 1h Elliott Wave Analysis
Metals are falling sharply with gold trading at new low of the year. We have seen a nice extended decline from 1235 this week, but still not in five waves. Therefore be aware of even more weakness in session ahead, close to 1150, while 1196 is not breached.
GOLD 1h Elliott Wave Analysis
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