USDJPY Elliott Wave Analysis: Corrective Rally

usdjpy-elliott-wave

It seems that USDJPY has finally found the base at 101.17 where we labeled a completed wave (b) and that price is now heading to the upside within wave (c). Notice that reversal from latest swing low was fast and sharp so we see it as impulsive bounce that is part of current bullish sentiment. Based on minimum expectations we expect a break above 102.82 high, but ideally rally will reach 103.43 figure.
USDJPY 4h Elliott Wave Analysis
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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