$USDJPY 1 Hour Elliott Wave Analysis 7.7.2014

Preferred Elliottwave view suggests dip to 101.21 completed a corrective cycle from 102.79 peak. We have seen a 7 swing move higher from 101.21 – 102.26 which we believe completed wave A. Wave B pull back is in progress and can test 101.61 – 101.74 area before pair turns higher in wave C. There is some very clear structures in the market supporting this idea. . We don’t like selling the pair in proposed push lower and favor an extension higher as far as 101.21 low remains in place.

We cover 26 instruments in 4 time frames with 1 hour charts updated 4 times a day so clients are always in loop for the next move. Please feel free to come visit around the website .Click Here to Start your 14 day Trial


Subscribe to our Forex Blog

First Name: *
Last Name: *
Your Email Address: *