Elliott Wave Analysis: German Dax and USDJPY Look 

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Elliott Wave Analysis: German Dax and USDJPY Look

Market is waiting on NFP report which is expected to pull out number of 182K. As we know positive surprise will cause USD to rise, while figure well below 182K can cause much lower levels of USD index.

Technically speaking we see Usd in mixed position, it can be headed higher against EUR, GBP, CHF and JPY while it may stay sideways or even down against NZD, CAD and AUD.

Today I am focused on stocks and USDJPY today as both seem to be in final stages of a correction. I will look at DAX where I see fifth wave in play that may look for a bottom at 12000 level soon from where a sharp turn up will be expected to occur. If that will be the case than USDJPY can do the same thing to the upside, since markets are in positive correlation this month.


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By Gregor Horvat

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