Top Trade Idea for May 5th, 2015 – USD/JPY
By Gregor Horvat on May 5, 2015 02:28:05 GMT
Today’s Top Trade Idea: USDJPY
USDJPY is trading sideways for almost past six months, so we assume that market is in a corrective phase. We see price trading in fourth wave which looks like a triangle pattern. That’s a continuation pattern, which could send price to new highs soon as we can count already all five needed subwaves within the pattern. Based on timing, we may see a new break higher coming soon. If we are correct, then 125 will be seen while 115.80 holds
USDJPY Daily Elliott Wave Analysis
On the 4h chart we see that pair bounced nicely last week from 118.48, after three waves down from 120.84, so we suspect that pair completed wave (e) pullback; a final leg within a fourth wave triangle. Price is now at the upper side of a triangle range, so we are looking to much higher prices, as pair can be at the start of a big wave 5.
We favor longs against 118.40 stops.
USDJPY 4h Elliott Wave Anlaysis
About Gregor Horvat
Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com .
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