Forex Elliott Wave USDJPY

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Forex Elliott Wave - Examples
Elliott Wave AUDUSD 
Elliott Wave GBPUSD 
Elliott Wave USDJPY 
Elliott Wave USDCAD 
Elliott Wave USDCHF 
Elliott Wave EURUSD 
Elliott Wave US Dollar

FOREX ELLIOTT WAVE TRADING STRATEGIES & TECHNICAL ANALYSIS
– EXAMPLE WITH USD JPY

Elliott Wave USDJPY Intraday Chart

Thursday, 9 June 2011 at 6:00:00PM AEST

Elliott Wave USDJPY
Decline from 81.74 is not showing the best clear wave structure, but its bearish however. As such, we will continue to look for lower levels in sessions ahead, below 79.50 as also mentioned on our 4h chart review (Elliott Wave counts page).

As such, current bounce from the lows should be just a corrective wave (iv) with resistances seen around 80.40. Wave (v) to come.

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Elliott Wave USDJPY 4Hour Chart

Thursday, 9 June 2011 at 4:50:00PM AEST – wave C in progress


Elliott Wave USDJPY is falling for the past few days, since poor economic news from the US shocked the markets across the board.

As you know, from a technical point of view, we anticipated this sell-off, which however is still incomplete, as we are looking for a wave C) decline with targets seen below 79.57! Wave C) is a motive wave, which means we need five sub-waves within this leg. As such, more downside remains in view, while pair trades below highest channel resistance line but more importantly, below critical region placed at 81.77!

 

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Elliott Wave USDJPY Daily Chart

28 May 2011  – corrective pull-back in process

Since Elliott Wave USDJPY reversed lower a few weeks back the makret formed only one leg down from 85.50. But even if pair is trading in a corrective wave, labelled as a blue wave (2), then we know that we need three sub-waves, before uptrend may continue. As such, even more downside is expected in coming week, likely towards 78.50/79 region which will be a third leg, which may have already started at 82.20 in recent week.

  
 

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Elliott Wave USDJPY Weekly Chart

20 March 2011 – ending diagonal near completion

Elliott Wave USDJPY spiked into a new low, after the few months of a consolidation and potentially completed a multy year downtrend. As you might noticed, we are looking for an ending diagonal pattern, which is showing all needed sub-wave structure for a completion. As such, a turning point may follow over the coming months from 76.00 region, but break above the upper blue resistance line is still required before a long-term reversal can be confirmed.

We also see a bullish divergence on both, RSI and MACD indicator, which also indicates a losing strenght of a bear market.

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