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Forex: USD/JPY, ready to break lower - Elliott Wave Forecast

By FXstreet.com,  March 07, 2011, 09:19:00 AM EDT

FXstreet.com (Barcelona) - Dollar recovery from 81.50 was capped on Friday at 83.00, and the pair has given away gains, reaching day highs below 82.00 on Monday, ready to break lower through the "triangle floor", according to Gregor Horvat, technical analyst at Elliott Wave Forecast.

Trapped between 80.30 and 84.00/40,the pair has been going through a corrective wave since October, which, according to Horvat, is likely to be broken to the downside: "We know that three-wave formations are corrective waves, and as such, the whole price structure since October 2010 must be a corrective pattern, that may finish soon. Wave E, final leg of a pattern must complete somewhere below 83.96 region."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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