USDJPY: Analyze, Prepare, then Let the Market Decide

USDJPY reached its higher level so far in 2019 yesterday. The pair climbed to 112.166, extending its recovery from the 109.71 bottom formed last month. But the bulls didn’t always look that confident. Just a week ago, the pair was hovering around 111.15, down from 111.83 five days earlier. Instead of forming an opinion based…

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USDJPY Proves You Don’t Need to Pick Tops/Bottoms

USDJPY closed at 111.72 last week and is now within striking distance of its 2019 high of 112.14. But just two weeks ago, the pair was down to less than 110.00 after a sharp selloff from 111.70. Instead of joining the bears simply because the price was falling, we looked for an Elliott Wave pattern…

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USDJPY: How to Buy and Hold a Forex Pair

USDJPY has been in recovery mode since the “flash crash” on January 3rd. The pair plunged to as low as 104.82 that day, but the bears couldn’t maintain their momentum. The market reached 112.14 on March 5th for a rally of over 730 pips. Of course, picking up all of it would have been pure…

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USDJPY Crashes After Textbook Elliott Wave Setup

It is not just stock market investors and oil bulls, who have been suffering lately. The holidays do not promise to be very happy for USDJPY bulls, as well. The pair fell to 110.81 on Thursday, revisiting levels last seen in early September. The Fed rate hike, the stock market crash and the tensions between…

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Solving USDJPY Riddles with Elliott Wave Hints

Unlike the stock market, where a profitable company with a growing market share will eventually grow in value in the long-term, the Forex market can be a real riddle. Macroeconomic, political and country-specific factors are fighting for influence over currency rates in the $5-trillion-a-day market. USDJPY is one of the most closely followed pairs as…

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USDJPY Gave Us a Road Map Three Months Ago

There is a reason why it is called “trading” and not “bottom/top picking”. The latter is literally impossible even with the best trading tools and techniques. Even the Elliott Wave Principle, which we consider to be the best method for price behavior analysis, cannot tell us the exact price level at which the market is…

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A Week of Trend Reversals in the Forex Market

The Forex market was very interesting to observe last week. Major news like the Non-Farm Payrolls report in the U.S., the new trade deal between the USA, Canada and Mexico, and Bank of Japan’s determination to keep fighting deflation all contributed to an eventful five days in the world’s largest market. News and events is…

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Fibonacci Support Sent USDJPY Skyrocketing

Earlier today, USDJPY climbed to 112.88, which is just 30 pips shy of its 2018 high at 113.18 reached in mid-July. Just two weeks ago, on September 7th, the pair fell to as low as 110.38, which means it has gained as much as 250 pips in just 11 trading days. How come? Was there…

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USDJPY Changes Direction Twice in Two Days

It has been a volatile week for USDJPY. The pair started the session on a positive note and rose to 111.76 on Wednesday. However, instead of keeping up the momentum the bulls quickly exhausted their options and allowed the bears to breach the previous swing low at 110.69 and drag USDJPY down to 110.38 on…

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As USDJPY Plunges, Ralph Elliott is Smiling Somewhere

It has been a wild ride for USDJPY traders last week. The pair opened at 111.31 on Monday and rose to 111.83 on Wednesday before crashing to 110.69 by Friday. It still managed to close the session above the 111.00 mark, but that is hardly a big relief for breakout traders, who thought joining the…

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Japanese Yen Refuses to be the Dollar’s Latest Victim

Last week, when most major currencies like the euro, the Canadian dollar and the British pound (not to mention the Turkish lira) fell against the U.S. dollar, one currency managed not only to hold its ground, but to actually gain some against the greenback. The Japanese yen ‘s rise dragged the USDJPY pair down to…

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Crude Oil and USDJPY Ruled by One Pattern

Everything was going so well for USDJPY and crude oil bulls until last week, when both the exchange rate and the WTI crude price made sharp bearish reversals. Oil fell from as high as $72.88 to $67.40 a barrel, while USDJPY plunged from 111.40 to 108.95. Normally, the media tried to explain the selloffs with…

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Trade War Fears Shrugged Off by USDJPY

Less than a month ago, USDJPY was trading below 105.00 after plunging to 104.64. The media hurried to explain the dollar’s weakness against the Japanese yen with the looming trade war between the United States and China. Today, a trade war between the two largest economies is a near certainty, after China threatened to fight…

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Trade War Not to Blame for USDJPY’s Plunge

USDJPY bulls looked like they were up to something, when the pair climbed to 106.61 on Tuesday. Three days later today, the pair is currently hovering at 104.90 after a 200-pip plunge to 104.64. Conventional wisdom suggests traders should look no further than the looming US-China trade war to explain the Japanese yen’s strength against…

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USDJPY’s Sudden Change of Heart Explained

Not too long ago, on November 6th, the U.S. dollar climbed to as high as 114.73 against the Japanese yen, which was its highest level since mid-March. But instead of maintaining the bullish momentum, USDJPY had a sudden change of heart and reversed to the south. Two trading weeks later, the pair closed slightly above…

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