GBP/USD And USD/JPY Intraday Elliott Wave Analysis

By: Gregor Horvat | Thu, Dec 12, 2013
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A deep retracement on GBPUSD to 1.6340 in the last 48 hours appears to be only one leg of minimum three wave set back. We reworked the wave count and now tracking an incomplete wave (iv) pullback that is expected to find a support with subwave c) somewhere around 1.6290/1.6310; at former wave iv). With that said, short term bias on GBPUSD suggests sideways or even bearish price action.

GBPUSD 1h

GBP/USD 1-Hour Chart

USDJPY made very deep retracement in the last two trading days which we firstly thought it will be wave (ii) and that wave 4 already found a base at 101.60. However, pair is actually moving sideways since start of December so we are now observing idea of an incomplete triangle. With that said, be aware of more sideways price action before going higher. Stocks are also weak, not helping USDJPY much.

USDJPY 1h

USD/JPY 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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