USD Seems Quite Strong Against GBP and JPY

By: Gregor Horvat | Tue, May 26, 2015
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Cable is not so aggressively down at the start of this week, but still bearish with no overlaps. We see an impulse in progress towards lower levels, within an extended blue wave (iii).

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1-Hour Elliott Wave Analysis  Chart

USDJPY rallied today above 123.00 and reached lower side of our projected levels that we highlighted them this morning. Notice that rally from the past few days is very strong so we suspect that pair is making an extended black wave 3 at the moment. This wave already contains five smaller waves, so correction may occur in the sessions ahead. Ideally we will see wave 4 set-back.

USDJPY 30min Elliott Wave Analysis

USDJPY 30-Minute Elliott Wave Analysis Chart

 


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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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