Posted on Mar 31, 2018 in
Daily Forex Signals
The Elliott Wave chart pattern for USDJPY appears to have carved an impulse to start a new trend. After a minor dip, we are anticipating another push higher towards 108. We have been tracking a pattern on the USDJPY chart that suggests a meaningful low forming in the 103-105 vicinity. The March 25 low did reach 104.63 so the higher probability move is towards higher levels. In Monday’s US Opening Bell webinar, we highlighted the possibility of USDJPY reaching 106.50 to 108 resulting from hitting channel support. Since then, USDJPY as ascended to 107.01 so what is next for the market? Using Elliott Wave Theory, we can count a five-wave impulse forming from the 104.63 low. Within this impulse, the fifth wave appears extended. As a result, it would be normal for USDJPY to experience a pull back towards 105.30 to 105.80. At that point, we would look for symptoms of a bullish reversal that may press higher towards 108. How did Elliott Wave Theory help us identify the reversal zone on USDJPY Chart? A couple wave relationships appear in thisArticle source:...