USDJPY and USDMXN Update – Elliott wave analysis


Good morning traders, and welcome to the intra-day morning updates.

Let us start with USDJPY where we see a completed four-wave move to the upside, and latest intra-day rally from the 109.21 level as final move higher as wave 5). We can see that wave 4) had faced nice support right at the former wave 4, which is usually a nice reversal region for the fourth waves. That said, now we are tracking wave 5), which can target the 109.99 area.

Also keep in mind that we are tracking final wave higher of an impulse; wave 5) so be aware of resistance, and weakness in minimum three legs.

USDJPY chart, 1h

intra USDJPY

USDMXN is still dropping, now ideally unfolding final stages of a fifth wave of wave 3), so be aware of possible support, and a turn into a higher degree wave 4) correction near the 18.9/18.85 region. Possible resistance for the upcoming forth wave correction can be near the 19.09 area.


intra USDMXN

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

He is the owner of, which prov...continued

Comments on this analysis

Your email address will not be published. Required fields are marked *

Latest Related News

Stocks looking vulnerable as European COVID-19 cases surge

Macroeconomic/ geopolitical developments A week of wavering equity markets, with rebounds falling short of making more positive signals, whilst Friday’s losses highlighted ongoing vulnerability, as has been seen through September.On Wednesday we got the Federal Open Market Committee (FOMC) interest rate decision and statement, which highlighted the “lower for longer” theme as the market had expected, with interest rates likely on hold until 2023.There was… Continued

US Dollar looking vulnerable

Pound Breaks up (GBPUSD)Dollar-Yen close to breaking down (USDJPY)Aussie and Kiwi get close to major monthly upside targets (AUDUSD and NZDUSD)Euro-Pound breaks down (EURGBP) Continued

Can USDMXN Break Out Of A Triangle?

Hello traders! USDMXN is trading sideways since the beginning of June and it looks like it is forming a big, bearish Elliott wave triangle in wave IV that can send the price even lower for wave V, but seems like one more intraday wave up is still missing before we may see a continuation to the downside. That said, watch out for another and final… Continued

US Dollar forms support

Euro and Pound move into sideways trends (EURUSD and GBPUSD forecasts)Dollar-Yen posts a negative (USDJPY forecast) Continued

US Dollar index breaks down

Euro-Dollar breaks up EURUSD forecastDollar-Yen closes at final daily support. USDJPY forecastAussie holds breakout level. AUDUSD forecast Continued

Forex Brokers in your location


79% of retail investor accounts lose money


78,6% of retail investor accounts lose money


74,9% of retail investor accounts lose.


73,9% of retail investor accounts lose.