Elliott Wave Analysis: USDJPY and Sugar

USDJPY is falling, giving us an idea about a completed correction within wave D). That said, current fall may now be a new three-wave move in progress, with first sub-wave A completed. A minor pullback may now follow as sub-wave B.

USDJPY, 1H

Sugar can be trading in a contracting range, which we see it as a potential triangle correction in the making. Ideally current rise is final leg of this triangle correction and will search for resistance near the upper triangle line and from there make a new drop lower.

Sugar, 1H

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