USD/JPY Pattern Appears Incomplete to the Upside (Webinar)
This is a recording of a webinar from December 27, 2016. To attend the webinar live obtain your free registration here.
In this webinar, we used technical analysis and namely, Elliott Wave Theory to identify trends and trading opportunities in main markets.
Dow Jones Industrial Average may experience a near term break from its blistering up trend. If a correction develops, support looms near 19,000-19,250.
USD/JPY appears to be maturing in its uptrend. There might be another bump or two higher but the pair is at risk of medium term pivot. 118.50-121.50 is a potential pivot zone for traders to note. We are not looking to trade the pivot as a short trader, but that long traders should be aware that the risks are building for a pivot that could drive lower towards 109-112.
We had a great comment in the webinar on USD/CAD. Since wave 2 was shallow, Tim felt that wave 3 probably needs to extend further to allow for a deep retracement in wave 4. The pattern does call for wave 3 to be incomplete to the upside so we will see if it can increase further.
If you wish to learn more about Elliott Wave theory, grab our beginning and advanced guides here.
Or, if you wish to join Jeremy in his US Opening Bell webinars to discuss chart patterns on key markets and ask your questions in real time, register and join here.
---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.