We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.17% 🇦🇺AUD: 0.14% 🇬🇧GBP: 0.13% 🇨🇭CHF: -0.03% 🇪🇺EUR: -0.06% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WHghrcxnkR
  • RT @FirstSquawk: MORE THAN 90 COUNTRIES REQUEST IMF BAILOUT
  • Heads Up:🇰🇷 Consumer Confidence due at 21:00 GMT (15min) Previous: 70.8 https://www.dailyfx.com/economic-calendar#2020-05-25
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.50% Gold: -0.32% Silver: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/kxAE18eIBf
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.43%, while traders in US 500 are at opposite extremes with 77.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lmh68Zio6T
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.31% Germany 30: 0.24% FTSE 100: 0.09% US 500: 0.00% Wall Street: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/yYNbl2JFoG
  • The anti-risk US Dollar and Japanese Yen edged higher at the expense of the growth-anchored Australian and New Zealand Dollars as US equity futures pointed lower at the start of Asia trade. Get your $GBPUSD market update from @ZabelinDimitri here: https://t.co/eUY9y46j98 https://t.co/Aj3mxhsnDy
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.50% Gold: -0.32% Silver: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Rrzzjyfqmz
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.44%, while traders in US 500 are at opposite extremes with 77.37%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/jjChVG5cqm
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 1.28% Wall Street: 1.15% France 40: 0.15% Germany 30: 0.08% FTSE 100: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vL9MgyBJF5
USD/JPY Begins Bearish 5-3 Elliott Wave Sequence

USD/JPY Begins Bearish 5-3 Elliott Wave Sequence

2015-09-30 15:17:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

Market Condition: Trend

Bias: Short USDJPY

Entry: 119.9 - 120.50

Stop Loss: Just above the September 25 high near 121.30

Initial Target: 118.50 where the anticipated down wave equals the Sept 25-29 down wave

Risk Management: If a move below 118.25 transpires, one could add to the position no greater than 50% of the original size, then move the stop loss to 119.25.

USD/JPY Begins Bearish 5-3 Elliott Wave Sequence

(Click on the chart to zoom in; after zooming in, press the play button towards the right to set the market in motion)

The USDJPY has been coiling in a triangle for the past month. It appears the termination point of the Elliott Wave triangle may have arrived and the pair may be in the early stages of a burst out of the triangle.

We are anticipating a break lower out of the triangle with an Elliott Wave 5-3 sequence appearing. There is a cluster of wave relationships in the 120.40 – 120.50 range. However, prices may not make it there. As a result, a confirmed break below the support line connecting the September 29 lows could also be the trigger.

The risk on the trade can be placed above the September 25 high near 121.30. Since this 5 wave sequence lower from Sept 25-29 kicked off a new move, we can anticipate at least one more 5 wave move lower.

The secondary move lower could potentially carry to the 118.50 or even 117.25. Depending on how the waves unfold, we’ll assess if we get close to those levels.

Since we are anticipating some unfinished business to EURUSD and GBPUSD shorts, perhaps shorting EURJPY or GBPJPY could be considered as well.

Suggested Reading:

GBP/USD – Selling the Plunge

EURUSD – Elliott Wave 3 Coming After FOMC?

To receive additional picks or articles on using Elliott Wave Theory, join Jeremy’s distribution list.

DISCLOSURES

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.