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24 Dec 2014
USD/JPY uptrend continuation – EW Forecast
FXStreet (Barcelona) - Gregor Horvat at EW-Forecast, anticipates the USD/JPY pair to revisit the 121.83 highs as technicals suggest more gains for the pair in the days ahead.
Key Quotes
“USDJPY made a deep pullback at the start of last week to 115.50 where pair found a support. Notice that decline was made only by three waves with a triangle in wave (b), so we know that leg down from 119 was wave (c), final within a contra-trend movement. In fact, even rally from the low is very strong that already took out the upper channel line that suggest more gains for this market in days ahead.”
“Ideally pair will revisit 121.83 highs but most-likely after a corrective retracement, labeled as wave four on the chart.”
Key Quotes
“USDJPY made a deep pullback at the start of last week to 115.50 where pair found a support. Notice that decline was made only by three waves with a triangle in wave (b), so we know that leg down from 119 was wave (c), final within a contra-trend movement. In fact, even rally from the low is very strong that already took out the upper channel line that suggest more gains for this market in days ahead.”
“Ideally pair will revisit 121.83 highs but most-likely after a corrective retracement, labeled as wave four on the chart.”