Wednesday, 19 September 2012

USDJPY Wednesday, Sept 19, 2019

Hi Traders,

USDJPY is finally moving upwards. As this new uptrend might last month, please check my analysis below as I believe that we have a very good entry point right now.

Just a quick note: I will run a Trading Course in Melbourne about Elliott Waves, Candlesticks and Fibonacci, on Sat Oct 13 and Sun Oct 14.

For further info please contact me at

W: +61(0)2 8003 4618
M: +61(0)405 233 578

Skype ID: mariodconti

USDJPY Analysis.

To fully understand this analysis we need to check the USDJPY history. The chart below shows that the USDJPY was fixed at 360 Yen per US Dollar in 1949 till 1971.

This was followed by a 41 years drop till level 75 yen for a green back in recent times.

The chart shows that we completed 5 major waves down in Feb 2012. The end of the downtrend is confirmed by the last major wave (5) being sub-divided in 5 waves itself. 

The chart below suggest that the first major resistance is around level USDJPY 101.00. Let's see weather this is true (next set of charts).

The monthly chart below shows the last set of 9 waves down (just another way to count 5 waves) and the start of the new uptrend with wave 1 and 2 in blue, at the very bottom right.

The weekly chart below shows that wave 1 and 2 (chart above) are actually a set of 1-2-3-4 in the chart below and that we are at the beginning of wave 5.

Here we have a possible target for wave 5 around 85.00. If extended it could go to 94.30 or even 97.50.

The  daily chart below the completion of the long wave 4 and the start of the minor wave 1 (in blue). This little wave 1 is the first component of 5 (or 9) waves up.

The 4 hour chart below further sub-divides that wave 1 (chart above) in 5 waves.

This gives us the entry point: just wait for the chart to reach one of the blue horizontal lines at at 78.50 or 78.33.

There should be your entry point if this little retracement stops at the level above mentioned.

The 1 hour chart below shows the USDYPY retracing towards our entry point.