Elliott Wave Analysis: Stronger Prices Could Be Just Around The Corner For The USDJPY

Gregor Horvat Wavetraders

On the updated chart of USDJPY, we can see a nice and strong bullish turn taking place from around the 111.60 level, where we labeled end of a complex correction. As such, recent recovery gives us an indication for a completed double zig-zag correction and a suggestion that higher levels will now follow while market stays above 111.60. At the moment we see price trading up from black wave 2, that seems to have found a base at the 61.8 Fibonacci ratio.

USDJPY, 4H

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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