Elliott Wave Analysis On USDJPY And Crude OIL
USDJPY
Stocks were trading sharply to the downside yesterday which caused some strong buying of Japanese yen, but this can be changing now based on latest price action on USDJPY. We have seen quite a strong turn up so far from 107.66 low, clearly in five waves which suggests that low can be in place and that a minimum of three waves up may be unfolding, ideally towards 110 region, where previous wave 4 can react as a resistance into lower levels, but only after the completion of wave 2/B, that can find support near 108-30-108.55 area.
USDJPY,30 Min
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Crude OIL
If USD will turn higher then we can expect another leg down on energy markets. On Crude oil we are tracking an a-b-c recovery up in wave 2 which can hit 39.60-40.00 resistance area, before downtrend can resume. We are looking at a former wave four and 61.8% Fibonacci ratio, that can be an ideal turning point from current bullish to bearish mode next week. Break beneath 36.69 opens door for 34.00. Invalidation level is at 42.46.
Crude OIL, 1H
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