Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
Still bearish but not with a significant momentum

Still bearish but not with a significant momentum | 26 December 2016

26 December 2016, USD/JPY

Still bearish but not with a significant momentum
Wave Analysis:
During the previous trading week ending 23rd December 2016, the pair retraced to the lower side and even broke below the falling wedge. As long as the pair remains below this wedge, we expect a possible bearish wave count towards 116.69, a breakout below this level will will push the price further to the lower side but should not go beyond 114.95. This view may only be rendered futile in case the pair end up breaking above 118.67. A break above this level will mean we're continuing long with the overall upward trend with our ultimate target at 124.00. Expect an exact similar wave count in HKDJPY, CADJPY, NZDJPY and an exact opposite price action GBPUSD, EURUSD. The latter pairs have a strong negative correlation to the first pair and will move in exact opposite price action during this intraday.

Trade Recommendations:

As long as the pair remains below the falling wedge and also below 118.19, expect a possible bearish price rally towards 114.95. Buy positions are only ideal above 118.67 with a target at 124.00.

Bob Stan
Agree with the review?
Traders' opinion:
Close
Login

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company does not provide services in the following countries.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.