Elliott Wave Analysis On EURGBP And USDJPY

By: Gregor Horvat | Fri, Feb 12, 2016
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EURGBP

For now, we have seen some nice turn down, but still not enough for a "top in place". We would love to see push beneath 0.770 that would then suggests more weakness next week with minimum three wave decline.

EURGBP, 4H

EURGBP 4-Hour Chart


USDJPY

A decline on USDJPY has extended to a new low and is falling very sharply from 115.23 so looks like that wave v-circled is going to be extended fifth wave headed down to 110 area. Despite very strong bearish momentum we think that leg down from 121.68 still can be wave C as part of a complex corrective pattern. However, we need a completed bearish pattern first, and then look for possible bullish reversal structure with five waves.

USDJPY, 4H

USDJPY 4-Hour 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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