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ELLIOTT WAVE ANALYSIS 01-18-16 – USDJPY wave count catches 200 points in one day!
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USDJPY
Current wave [v]
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[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]My Bias: neutral- long
Wave Structure: rally in wave [C]
Short term wave count: wave [iii] grey
Long term wave count: wave [C] is underway, upside to above 136.00
Important risk events: JPY: N/A. USD: WEF Annual Meetings, Building Permits, Philly Fed Manufacturing Index, Unemployment Claims, Housing Starts, Crude Oil Inventories, Fed Chair Yellen Speaks.
USDJPY has rallied strongly today, and is now up almost 200 points on the day.
Last night I said the turn up was imminent, the price stood at 112.66, the low was 112.56, and the price now stands at 114.52 as I write.
I hope some of you caught that rally.
I have labelled the rally as a developing five wave form in brown, waves i and ‘ii’ are complete and the price is rallying in wave ‘iii’ brown.
I expect wave (i) green will complete above 115.42, the level of the previous fourth wave which is a common Elliot wave guideline
A rally above the previous wave (a) green at 115.07 will add weight to the current bullish wave count.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_separator][/vc_column][/vc_row]