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Guest Commentary: MarketVisionTV - Hourly Elliott Wave Strategy USDJPY - Signs of Bullish Price Action

Guest Commentary: MarketVisionTV - Hourly Elliott Wave Strategy USDJPY - Signs of Bullish Price Action

Don Haines, MarketVisionTV.com,
Guest_Commentary_MarketVisionTV_-_Hourly_Elliott_Wave_Strategy_USDJPY_Signs_of_Bullish_Price_Action_body_HourlyYenMay16.png, Guest Commentary: MarketVisionTV - Hourly Elliott Wave Strategy USDJPY - Signs of Bullish Price Action

We still suspect the Dollar has ended the larger downside correction from the 84.15 peak. We have found solid support and have been basing in the ideal 79.55 to 79.15 target zone. Also we are now starting to see bullish price action, with an initial 5 wave rally to about 80.00 and the irregular downside correction into projected 79.70 channel support. Currently we are witnessing another 5 wave uptrend sequence. While resistance at fourth of a lesser degree of 80.60 may prove difficult and probably provide another pullback to the 80.20 break out level, continue to buy dips against the 79.70 pivot. An ideal wave count would see 80.20 hold with a final push to about 81.25 to finish the first leg of uptrend. However, we would not be over concerned with a deeper 50 to 61.8 percent pullback to the 79.85-80.00 region. Ironically this larger pullback would reveal upside nesting for a stronger attempt at the last 81.75 correction high. Only below 79.70 would suggest we are premature in the bullish view and allow a final decline to about 79.15.

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

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