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27 Mar 2015
USD/JPY eyeing new highs – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, uses Elliott Wave Analysis to give the technical outlook for USD/JPY.
Key Quotes
“USDJPY is in a pullback mode, making a complex corrective wave (iv) that already touched important Fibonacci level near 118.30 from where price turned slightly up in the last couple of sessions so we are wondering if downward correction is complete.”
“Well, as long we have lower lows and lower swing highs in place it will be hard to confirm coming strength, but move above 119.99 swing would be a different story.”
“In that case, we will look for a rally up into wave (v), back to new high.”
Key Quotes
“USDJPY is in a pullback mode, making a complex corrective wave (iv) that already touched important Fibonacci level near 118.30 from where price turned slightly up in the last couple of sessions so we are wondering if downward correction is complete.”
“Well, as long we have lower lows and lower swing highs in place it will be hard to confirm coming strength, but move above 119.99 swing would be a different story.”
“In that case, we will look for a rally up into wave (v), back to new high.”