ELLIOTT WAVE ANALYSIS & FORECAST, USDJPY, M1, 20170104
Background
Refer to my previous two Elliott Wave analysis of USDJPY on 23-12-2015 and 17-05-2016. We saw at that time red wave completed near 75.37 and also placed long term bottom there. After completion of red wave, we saw a nice rally in the first leg green wave A of red wave that ended near 125.80. This Green wave A also placed medium term top.
This was the area we saw Distribution Phase that took place within the time span of almost 2 years. Green wave A of Red wave that started from 75.37 and ended at 125.80 was also composed of five sub-waves where 5th wave was extended. Green wave B of Red wave was also in the form of simple zigzag which ended near 99.
Forecast
At the time now the price are completing last leg of Green wave C of red wave . in blue five sub-wave form. This green wave C is also composed of blue five sub-waves. The target area for the blue wave 1 is near 137 area where we will expect correction towards 120-122 in blue wave 2. Once blue wave 2 completed, we will saw an impulsive rally in blue wave 3 towards 165 area or even higher. We cannot predict exactly the target of Red wave B. But if we follow Elliott Wave rules and recommendation than min target of this wave is nearly 148 area.
In coming sessions I will provide In depth analysis and forecast of weekly and daily charts of this pair. And remember, this analysis and trade suggestion is prepared honestly and according to best of my knowledge. Trading Forex carry high risk. I am not liable in any case whatsoever if any loss on capital or loss on profit if occur. Use proper money management technique to protect your capital.
muhiuddin
Refer to my previous two Elliott Wave analysis of USDJPY on 23-12-2015 and 17-05-2016. We saw at that time red wave completed near 75.37 and also placed long term bottom there. After completion of red wave, we saw a nice rally in the first leg green wave A of red wave that ended near 125.80. This Green wave A also placed medium term top.
This was the area we saw Distribution Phase that took place within the time span of almost 2 years. Green wave A of Red wave that started from 75.37 and ended at 125.80 was also composed of five sub-waves where 5th wave was extended. Green wave B of Red wave was also in the form of simple zigzag which ended near 99.
Forecast
At the time now the price are completing last leg of Green wave C of red wave . in blue five sub-wave form. This green wave C is also composed of blue five sub-waves. The target area for the blue wave 1 is near 137 area where we will expect correction towards 120-122 in blue wave 2. Once blue wave 2 completed, we will saw an impulsive rally in blue wave 3 towards 165 area or even higher. We cannot predict exactly the target of Red wave B. But if we follow Elliott Wave rules and recommendation than min target of this wave is nearly 148 area.
In coming sessions I will provide In depth analysis and forecast of weekly and daily charts of this pair. And remember, this analysis and trade suggestion is prepared honestly and according to best of my knowledge. Trading Forex carry high risk. I am not liable in any case whatsoever if any loss on capital or loss on profit if occur. Use proper money management technique to protect your capital.
muhiuddin