USDJPY Now Underway To 98.00-Elliott Wave

USDJPY is trying to stay with a larger uptrend now after recent reversal down to 95.50 support which appears to be wave iv). Wave iv) found a support around the trend-line connected from 91.00 and also near 38.2% Fibonacci support zone which was ideal start point for wave v). This wave v) could lift the pair up to 98.00 level in the near-term.

If you want more detailed technical analysis for USDJPY, as well as EURUSD and USDCAD , please see the video below.

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Crude Oil Intraday! Heading toward wave V

Oil prices spiked up yesterday, closed to $97 per barrel before price turned sharply lower during the US trading hours. Looks like prices are capped now below 96.85 and ready for a deeper pull-back. We see market in minor fourth wave now from where extensions could follow to 94.80 later today. Any fast intra-day shorts should have stops above 96.15 critical region. Why? Because we know that wave four must not trade in to a territory of a wave one.

EURUSD Remains Trapped In Range, But Triangle Is Pointing Higher

Canadian dollar was one of the weakest yesterday after BoC leaved rates unchanged at 1% due to weakness in the economy and lowered GDP expectations for 2013 from 2.3% to 2.0%. IMF also lowered global growth for 2013 but markets did not move much after the announcement. Most of the FX pairs and major commodity markets are trading sideways while stocks keep pushing higher. S&P500 slowed down yesterday 4 points ahead of 1500 psychological level.

EURUSD tested 1.3250/60 support few sessions back from where we could see push higher today after just released better than expected German PMI numbers 48.8 vs. 47.1 expectation, but still in a contraction zone.

From an Elliott Wave perspective EURUSD still could be forming a triangle in wave four, but it’s hard to call the end of it. We need some impulsive reactions out of the path before direction of the pair can be confirmed.

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