Elliott Wave Analysis For EURJPY And GBPUSD
EURJPY is trading nicely down for the last few session.. Decline is quite sharp at the moment so ideally that's wave three in play towards 124.20-124.60 area where we see some typical Fibonacci projections for extended third wave. That said, we will still keep a close eye on this pair as some interesting sell opportunities may occur later this week, if 126.08 will stay untouched. If stocks will trade lower, then this would also be a bullish sign for Japanese yen.
GBPUSD remains bearish as recent minor intraday rally up to around 1.4195 can be wave 4 as part of a five wave decline in wave C) that is targeting 1.4100-1.4120 area where we would expect to see a bounce. Ideally this new leg up will then be in impulsive, five wave structure, but based on minimum expectations it can also be a three wave move, but still to the upside, probably back to a round 1.4280 as minimum objective.
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