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3 Mar 2015
USD/JPY to test 120.79 before pulling back – ElliottWave-Forecast
FXStreet (Barcelona) - Daud Bhatti of ElliottWave-Forecast, uses Eliott Wave to give the technical outlook for USD/JPY.
Key Quotes
“Preferred Elliott Wave suggests move up from 2/15 (118.09) low is taking the form of a (w) - (x) - (y) also known as a double three Elliott wave structure. 120.37 is equal legs of (w) - (x), pair is getting close to this level but we think this level can be exceeded for a test of 120.79 - 120.96 area to end the cycle from 2/15 low.”
“After that we pair to pull back in wave X and turn higher again.”
“We don't like selling the pair and expect X wave pull back to find buyers in the dips in 3, 7 or 11 swings as far as pivot at 118.09 low remains intact.”
Key Quotes
“Preferred Elliott Wave suggests move up from 2/15 (118.09) low is taking the form of a (w) - (x) - (y) also known as a double three Elliott wave structure. 120.37 is equal legs of (w) - (x), pair is getting close to this level but we think this level can be exceeded for a test of 120.79 - 120.96 area to end the cycle from 2/15 low.”
“After that we pair to pull back in wave X and turn higher again.”
“We don't like selling the pair and expect X wave pull back to find buyers in the dips in 3, 7 or 11 swings as far as pivot at 118.09 low remains intact.”