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USD/JPY Changes Direction Twice In 2 Days
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Author Topic: USD/JPY Changes Direction Twice In 2 Days  (Read 293 times)
GersonH
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« on: September 10, 2018, 03:18:02 AM »

It has been a volatile week for USD/JPY. 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 USD/JPY down to 110.38 on Thursday. Unfortunately for breakout traders, short positions triggered by this breach soon became losers as the U.S. dollar reversed sharply to the upside against the Japanese yen to close at the 111.00 mark on Friday, so, live forex rates this pair down.


Elliott Wave Analysis Gives USD/JPY Traders an Advantage
The good news is none of the pair’s behavior last week was a big surprise to Elliott Wave analysts, who posses a much deeper understanding of how the markets move than what a simple breakout strategy can deliver. The chart below was sent to our clients as a short-term update on Wednesday, September 5th, when USD/JPY still appeared to be on its way to a new swing high.
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