USDJPY and Crude oil Update

Intermediate

Hi traders,

Stocks have seen another leg down yesterday during the US session so it’s not a surprise that Nikkei keeps moving lower which makes JPY very strong in this risk-off environment with lower Yields/ higher notes.

Notice that USDJPY made only a three wave rally from recent low so pair remains bearish and looks like it may get back below 110.75 into a fifth wave.

USDJPY, 1h

USDJPY Chart 2018-12-21

Crude oil fell to a new low; we see it in fifth wave of decline so downside can be limited near 2nd triangle measurement target at 45.00. Rally above 48.00 will indicate a turn.

Crude oil, 30Min

OIL Chart 2018-12-21

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@ewforecast

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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