25 May 2015
USD/JPY recovers in impulsive fashion – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, uses Elliott Wave Analysis to give the outlook for USD/JPY.
Key Quotes
“USDJPY broke above 120.48 last week so we see pair recovering in impulsive fashion. Impulses are five wave patterns which are already visible from 118.89 low, so we need to be aware of a corrective set-back.”
“Ideally, market will make only a three wave retracement back to the area of a former wave four from where uptrend will resume later this week.”
“Keep in mind that trend is up for USDJPY now, so even straight move up from here within an extended wave 5 would not be a surprise.”
Key Quotes
“USDJPY broke above 120.48 last week so we see pair recovering in impulsive fashion. Impulses are five wave patterns which are already visible from 118.89 low, so we need to be aware of a corrective set-back.”
“Ideally, market will make only a three wave retracement back to the area of a former wave four from where uptrend will resume later this week.”
“Keep in mind that trend is up for USDJPY now, so even straight move up from here within an extended wave 5 would not be a surprise.”