USDJPY Elliott Wave Analysis Suggests Short-term Prices Are Back In Bullish Mode

usdjpy-sep-20-4h

USDJPY reversed sharply from 97.75 region in this week, which appears to be an impulsive price action that also took out the upper side of a downward channel. These are all important signs for a change in trend, even if just temporary. With that said, we will be looking for higher USDJPY in days ahead as long as 97.75 low of a complex correction is in place. Ideally market will continue higher back to 100.60 region in impulsive fashion.
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Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com