GBPUSD and USDJPY Intraday: Elliott Wave Analysis
Cable is still slow, so we are even more confident that pair is moving sideways in fourth wave correction that is part of an incomplete five wave rally in wave A). New highs could follow soon near 1.5440 from where new corrective set-back could be seen. 1.5298 is now invalidation level, just for case if wave 4 turns out to be more complex.
GBPUSD 1h Elliott Wave Analysis
On USDJPY we are focused now on lower levels as we see pair reversing into wave (e), which is final leg of a triangle placed in fourth wave. With that said, pair may not be bearish much, but we expect a fall in three waves back to 117-118 area before we may even consider end of the big triangle on a daily chart.
USDJPY 1h Elliott Wave Analysis
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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
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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