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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 218807, member: 40858"] In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of USDJPY. In which, the decline from 16 March 2023 high ended 5 waves in an impulse sequence and showed a lower low sequence in a higher time frame charts. Therefore, we knew that the structure in USDJPY is incomplete to the downside & should see more weakness. So, we advised members to sell the bounces in 3, 7, or 11 swings at the extreme areas. We will explain the structure & forecast below: [HEADING=3]USDJPY 1 Hour Elliott Wave Chart From 3.27.2023[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2023/03/1JPY-6020230327105312.jpg'][IMG alt="USDJPY Reacting Lower From The Equal Legs Area"]https://elliottwave-forecast.com/wp-content/uploads/2023/03/1JPY-6020230327105312-1024x525.jpg[/IMG][/URL] Above is the 1hr Elliott wave Chart from the 03/27/2023 London update. In which, the decline from 16 March unfolded in an impulse sequence & showed a lower sequence where the pair made a short-term bounce in wave 2. The internals of that bounce unfolded as an Elliott wave zigzag correction where wave ((a)) ended at $130.89 high. Then a decline to $130.35 low ended wave ((b)) pullback and started the ((c)) leg higher towards $131.65- $1132.46 equal legs area from where sellers were expected to appear looking for more downside or for a 3 wave reaction lower at least. [HEADING=3]USDJPY Latest 1-Hour Elliott Wave Chart From 3.28.2023[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2023/03/1JPY-6020230328090758.jpg'][IMG alt="USDJPY Reacting Lower From The Equal Legs Area"]https://elliottwave-forecast.com/wp-content/uploads/2023/03/1JPY-6020230328090758-1024x525.jpg[/IMG][/URL] This is the Latest 1hr view from the 03/28/2023 Asia update. In which the pair is showing a reaction lower taking place from the equal legs area allowing shorts to get into a risk-free position shortly after taking the position. However, a break below $129.61 low is still needed to confirm the next extension lower & avoid a double correction higher. Source: [URL]https://elliottwave-forecast.com/forex/usdjpy-reacting-lower-equal-legs-area/[/URL] [/QUOTE]
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