USDJPY and Elliot

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USD/JPY currently trading at 113.10 rose from 112.635, overall its in down channel on the weekly chart. In the previous Post How You could Maximize Pips In UJ in Intraday Read strategy, we have plotted the Elliott according to the rules. Now as the target meets in short, the wave B is forming on the chart in correction. I have figured out that the target is 113.80 to 113.90. So next position after reaching to level 113.90, there is the possibility of moving to the next corrective impulse downward to wave C

Today is Holiday in USA i.e presidential holiday lets have look for dollar sustainability but first lets see .

I have received many request to post on the gold and yen pairs last week so will try to update that too but prior to that detailed we have enough fundamentals to sustain gold ,

So the answer for that is yes Because

“When Financial market shows and weaker sentiments then Commodities tends to rise “

I have Highlighted the above term because that comes into my experience I have posted on this blog regarding to Some gold related sentiments in the form of trade in this recent article Weekly Overview of Forex and Forecast I have mentioned the links in this article too .I have related many fundamentals to make valid argument on rise of gold and apart from it gave some short term trades .

As our long-time readers know, we sometimes catch important turns in timely fashion, but we are not exactly Nostradamus. What’s more, we are biased – a bias that results from our understanding of the current monetary and economic backdrop. Anyway, we can definitely not predict the future with certainty. At best, we can offer our interpretation of probabilities and risk-reward scenarios over a range of different time frames. The markets can, and frequently do, prove us wrong and you should keep that in mind as you read on.

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