Nikkei and USD/JPY - Elliott Wave Analysis

Gregor Horvat Wavetraders

Nikkei is on the sharp rise for the last few weeks with current very important and decisive break out of a corrective channel which suggests more upside is coming. Why this is important you ask? Because of JPY; we think any JPY long in this "risk-on" environment may not be the best idea to trade. In fact, there is USDJPY showing just another three wave of a pullback from the top that looks like a wave four, so 108.50/80 area can be in play.

USDJPY, 1h

Nikkei, Daily

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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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