USD/JPY found a support at the end of last week around 100.74 from where pair recovered for around 200 pips so we suspect that pair completed first five wave decline from 105.34 labeled as leading diagonal. As such, we believe that pair is in bearish mode, but before downtrend may resume we expect a three wave pullback, ideally up to 103.30/60 resistance area. We see pair now moving sideways in irregular wave (b) that may test 101.40/60 zone and then send price up in wave (c).

USD/JPY 4h Elliott Wave Analysis

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Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.
He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

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