USD/JPY in a strong bullish rally

February 10, 2017 10:08 AM
Elliott Wave Analysis: USD/JPY

On the updated chart of the U.S. dollar/Japanese yen (USD/JPY) currency pair, we can see a nice and strong bullish rally taking place, from around the 111.60 level, where we labeled end of a complex correction. As such, this rally gives us an indication for a completed three wave double zig-zag correction and a suggestion that higher levels will now follow. That said for a confirmation point of view, we still want to see a break above the 115.60 level.

USD/JPY, 4-hour

About the Author

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 He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: