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What To Expect From USDJPY In 2015?

The USDJPY pair is the one, which probably shone the brightest in the FOREX market during 2014. In the beginning of the year, the exchange rate was trading around 105. Twelve months later, it is more likely to finish the year close to 120. On the weekly chart below we will see where do these 15-figure gains fit into the big picture Elliott Wave count.
usdjpy 10.12.14
As visible, the whole pattern actually started from the bottom of 75.60 in October 2011. More than two years later – in December 2013 – USDJPY had already formed a nice five-wave impulse. According to the theory, every impulse is followed by a correction in the opposite direction. This means, that the yen’s slump could have ended then – at 105.40. But it didn’t. Instead of this, the market decided to extend the fifth wave of the pattern, which led to the heights we saw this year. If this is the correct count, the US dollar would probably continue higher in 2015, since there is still room for a couple of fifth waves within wave (5). We could even see USDJPY approaching the 130 mark. However, keep in mind, that when an extended fifth wave is over, it is usually fully retraced…



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