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 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/