USDJPY Elliott Wave Forecast: Looks More Bearish Below 101.90

usdjpy-elliott-wave1

USDJPY has turned up from channel support line but we need to keep in mind a bigger pattern; a three wave rally to 103.74 followed by an impulse down; that’s a bearish case that suggests weaker prices in days ahead. In fact, rally to 102.66 is in three legs that stopped close to 61.8% retracement level so bearish continuation could start soon. An impulsive reaction down, through 101.90 will open door for new low.
USDJPY 4h Elliott Wave Analysis
Written by www.ew-forecast.com
14 days trial just for 1€ >> http://www.ew-forecast.com/register

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