12 May 2015
USD/JPY plotting bullish pattern on the charts – EW-Forecast
FXStreet (Barcelona) - Elliott Wave Analysis suggests USD/JPY is forming a continuation pattern which might lead the pair to see higher levels ahead towards 125, notes Gregor Horvat of EW-Forecast.
Key Quotes
“USDJPY is trading sideways for almost past six months, so we assume that market is in a corrective phase.”
“We see price trading in fourth wave which looks like a triangle pattern. That's a continuation pattern, which could send price to new highs soon as we can count already all five needed subwaves within the pattern.”
“Based on timing, we may see a new break higher coming soon. If we are correct, then 125 will be seen while 115.80 holds.”
Key Quotes
“USDJPY is trading sideways for almost past six months, so we assume that market is in a corrective phase.”
“We see price trading in fourth wave which looks like a triangle pattern. That's a continuation pattern, which could send price to new highs soon as we can count already all five needed subwaves within the pattern.”
“Based on timing, we may see a new break higher coming soon. If we are correct, then 125 will be seen while 115.80 holds.”