USDJPY forecasting the rally after Elliott Wave zig zag pattern
Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of USDJPY , published in members area of the
Source: fxstreet.com
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Dollar Index (DXY) Elliott Wave Zig Zag Pattern Forecasting The Path
DXY is showing higher high sequences from the 07/13 low. We got 5 waves up in the first leg (a). Then the price has given us corrective pattern in (b) blue, after which we got rally toward new highs again. At the moment Dollar index is showing higher high sequences. Recovery looks incomplete, calling for further strength toward 102.61-103.1 area. More upside should ideally follow in DXY as far as the price stays above (b) blue low : 100.55. As the first leg of correction has 5 waves structure, we assume recovery is having form of Elliott Wave Zig Zag. Consequently we expect to see 5 waves up i...
Source: actionforex.com