Forex

USDJPY Is Trading In 5th WaveSep 4, 2023

USDJPY is trading in 5th wave, as we see it moving higher within in a five-wave cycle from Elliott wave perspective.

The USD finished the week higher NFP number came out strong on Friday, 187k, but data of past months was revised sharply lower so USD spiked down after the NFP release, but then USD gained momentum and finished the session higher following strong Manufacturing PMI data. Also, some FED comments that “3.8% jobless rate is still low” helped to support the Dollar Index which has room for 105-106 resistance based on Elliott Wave patterns and sentiment. However, in the short-term there can be some slow price action because of holidays in US and Canada, so maybe we will have to wait on new real flows till Tuesday/Wednesday.

Looking at the 4h chart of USDJPY, this can be an ongoing fifth wave still with room for 148-150 after the recent wave 4 pullback that found a support last week as expected at the 144.50-144 area. So it appears more gains is coming and that we will have to be patient here regarding the bearish price action, and wait on a new impulse down first, before we may look for any kind of a change in trend. So for now, trend is still up, for 148.

Trade well.

Follow us on telegram here: https://t.me/EWFTraders

Grega

USDJPY Is Trading In 5th Wave USDJPY 4H Chart
USDJPY 4H Chart

Become a premium member

Get daily Elliott Wave updates for SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.

Flat Correction Propels Gold To July Highs. Check our latest video analysis sponsored by Orbex HERE.

DISCLAIMER

Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close