News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
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
Oil - US Crude
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/S0zbaMLVPK
  • Heads Up:🇹🇭 Balance of Trade (AUG) due at 03:30 GMT (15min) Expected: $3.45B Previous: $3.34B https://www.dailyfx.com/economic-calendar#2020-09-23
  • $AUDUSD attempting to find support at the 61.8% Fib (0.7131) after collapsing below the 0.72 level. Bullish RSI divergence suggests a recovery is in the offing, if support successfully stifles selling pressure. Is $AUDUSD poised to recover lost ground? $AUD $USD https://t.co/Ng1Mo98m1C
  • $NZDUSD gained on the #RBNZ rate decision today But, could the New Zealand Dollar resume recent weakness following the rise in market volatility? Check out my market alert here - https://www.dailyfx.com/forex/market_alert/2020/09/23/New-Zealand-Dollar-Gains-on-RBNZ-But-NZDUSD-May-Follow-SP-500-Lower.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Kh7eUkJ5bk
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.09% Silver: -0.72% Oil - US Crude: -1.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/jaR1G9i65d
  • Market Outlook Ahead of the First Biden-Trump Presidential Debate: https://www.dailyfx.com/forex/fundamental/article/special_report/2020/09/23/Market-Outlook-Ahead-of-the-First-Biden-Trump-Presidential-Debate.html
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/6E67iUW3Z4
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.07% 🇬🇧GBP: -0.09% 🇨🇭CHF: -0.16% 🇯🇵JPY: -0.21% 🇪🇺EUR: -0.23% 🇦🇺AUD: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/tTgkeWxPdA
  • How will financial markets react to the upcoming #PresidentialDebate on September 29? See my take on it here and what to expect from the first Biden-Trump debate. https://www.dailyfx.com/forex/fundamental/article/special_report/2020/09/23/Market-Outlook-Ahead-of-the-First-Biden-Trump-Presidential-Debate.html
  • 🇳🇿 Interest Rate Decision Actual: 0.25% Expected: 0.25% Previous: 0.25% https://www.dailyfx.com/economic-calendar#2020-09-23
Guest Commentary: 7-Swing Elliott Structure in EUR/JPY

Guest Commentary: 7-Swing Elliott Structure in EUR/JPY

2014-05-19 23:45:00
Eric Morera, Technical Strategist
Share:

According to modern Elliott Wave theory, simply counting the waves is just the beginning. In addition, traders must also count the sequence of swings in order to determine the proper path of price. This is evident when studying the one-hour price action in EURJPY, which is now declining from the April 29 peak of 142.47.

The decline from that April 29 high can be sub-divided into seven swings, where the drop to 139.84 completed wave A and the recovery to 140.94 completed wave B.

Currently, the pair is getting close to the C = A target at 138.29, with a (1.236 x A) classic Fibonacci extention just below at 137.66. This 137.66 - 138.29 area is where we expect the corrective structure to complete and the pair to turn higher.

From this zone, EURJPY could be primed for new highs above 142.47, or could put in three waves higher to reach the previous B wave area. As a result, we don't like selling the pair at this time and instead favor buying dips as part of the pullback to the upside.

By Eric Morera of Elliottwave-Forecast.com

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

DISCLOSURES