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23 Feb 2015
USD/JPY: Triangle suggests more gains in weeks ahead - EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, uses Elliott Wave Analysis to share the technical outlook for USD/JPY.
Key Quotes
“USDJPY is trading sideways for the last two months, but based on a contracting triangle we believe that pair will break to a new high in weeks ahead.”
“We see pair in fourth wave so wave five is expected to complete red wave III of a higher degree sometime this year.”
“Now the question is when break to the upside, out of the range will occur? Well, our primary count shows wave E now in progress, so we may see a little bit more weakness in the next few days, down to around 116-117 support area where we would look for evidence of a completed fourth wave.”
Key Quotes
“USDJPY is trading sideways for the last two months, but based on a contracting triangle we believe that pair will break to a new high in weeks ahead.”
“We see pair in fourth wave so wave five is expected to complete red wave III of a higher degree sometime this year.”
“Now the question is when break to the upside, out of the range will occur? Well, our primary count shows wave E now in progress, so we may see a little bit more weakness in the next few days, down to around 116-117 support area where we would look for evidence of a completed fourth wave.”