USDJPY and Nikkei225 Both Looking Bearish - Elliott wave Analysis

Gregor Horvat Wavetraders

Hi traders,

The stock market remains under pressure at the start of the US cash market, so USDJPY cannot break above 112.50 resistance. Therefore, I am looking for a triangle pattern which may cause another leg down soon into wave 5 of A)/1) towards 111.50. At the same time we see also Nikkei225 breaking below the channel support; decisive move through it would be very bullish for JPY next week.

USDJPY, 1h

Nikkei225, 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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