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Webinar: USD/JPY Maintains Long Term Bullish Pattern

Webinar: USD/JPY Maintains Long Term Bullish Pattern

2017-09-25 16:35:00
Jeremy Wagner, CEWA-M, Head of Education
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The video above is a recording of a US Opening Bell webinar from September 25, 2017.

Looking for methods to improve your trading, check out this guide on Traits of Successful Traders guide.

In today’s US Opening Bell webinar, we discussed technical Elliott Wave patterns on several key markets for this week. Some of the key markets we analyzed (not in this order) include USD/JPY, EUR/USD, EUR/JPY, GBP/USD, GBP/JPY, gold, oil, Dow Jones Industrial Average.

As the headline suggests, so long as USD/JPY remains above 111.09, the technical picture remains bullish in support of a longer term bottom. If prices do break below 111.09, then we will reassess the Elliott Wave count and consider some bearish alternatives that suggest new lows.

Both EUR/USD and GBP/USD appear to be in smaller degree fourth waves sideways to down corrections. Once these fourth waves end, then we will look for a fifth and final wave higher to finish off the bullish sequence of waves for both of these markets. Specifically, we are watching closely 1.22 for EURUSD and 1.37-1.39 for GBPUSD.

The rejection of gold prices near $1358 and subsequent break of $1300 has us shifting our preferred wave count towards that of a large triangle. Under this large triangle scenario, prices topped at $1358 in the ‘C’ wave and are now correcting lower in a ‘D’ leg. This gold price correction may drive down towards $1215.

Crude oil prices may have begun to exit the longer term triangle pattern. If that is the case, then crude oil may soon retest $55. In the near term, softness back towards $48 is not out of the question. Much below $48 and we may need to consider the triangle pattern still on going.

Learn more about trading with Elliott Wave by grabbing these beginner and advanced EW guides.

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---Written by Jeremy Wagner, CEWA-M

Discuss these markets with Jeremy in Monday’s US Opening Bell webinar.

Follow me on Twitter at @JWagnerFXTrader .

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

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