USDJPY currency pair comprise of two great economies from east and west. As a large exporting economy Japan needs the USDJPY rates as low as possible, while the US needs the prices on the opposite direction as much as possible – creating the perfect equilibrium in the market.
Wave count for USDJPY USDJPY is in a very interesting situation. Lets start from the Monthly chart of USDJPY. USDJPY recorded the all time low of 75.565 back in November 2011. All time data shows that USDJPY price was at approx. 360.00 way back in 1950’s. That information does not have any value in terms of current market price. But … Read more
Contracting triangle is a corrective pattern defined in the Elliott waves theory. Corrective patterns are an amazing guide to get clues about the next impulse wave. If you can locate a contracting triangle at its last phase, you can pin point price reversal zones with remarkable accuracy. Now the question is, how do you know in the … Read more