GBPUSD and USDJPY Intraday: Elliott Wave Analysis

By: Gregor Horvat | Fri, Feb 13, 2015
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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

GBPUSD 1-Hour Elliott Wave Analysis Chart

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

USDJPY 1-Hour Elliott Wave Analysis Chart

 

 


 

Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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