Elliott Wave Analysis On USDJPY And EURUSD
USDJPY is up for the last few hours, but downward structure for wave v is not completed yet as decline from 117.54 should be made five sub-waves. That said, be aware of more weakness soon towards 110.00 but only if 114.22 invalidation level will stay in place. If from any reason price will break higher and start rising aggressively towards 117.00 then we may consider a low in place.
We still do not have signs of a top here on EURUSD but it may be near as we see price in fifth wave while RSI has a divergence. We however are waiting on impulsive drop in price through 1.1160 swing to confirm that upside is finished on EURUSD. Until that happens 1.1400 can be reached easily.
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