USD/JPY: Looks Like A “BUY” Right Now
EWM Interactive | Sep 27, 2015 06:45AM ET
USD/JPY has been trading between 121.65 and 118.55 for more than a month now. Trading in ranges is quite difficult, so being able to predict when the consolidation is likely to end is essential. The Elliott Wave Principle suggests the USD/JPY pair might just be ready for a large tradable move. Its direction, according to the analysis, is visible on the chart below.
As you can see, there seems to be a W-X-Y double zig-zag in construction. A triangle in wave X, means wave Y to the upside should be next. The invalidation level for this count lies at the bottom of wave “e” of X. As long as 119.22 holds, we believe USD/JPY is a “buy”. 123.00 looks like a good first target.
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