Elliott Wave Analysis On GBPJPY And NZDJPY
GBPJPY is at a new low, making very aggressive sell of for the last few sessions which looks like an extended wave 3; powerful and sharpest wave in a five wave sequence. Usually wave 3 will be targeting 261.8% extension of wave 1 which in our case comes in around 150.50, so that's the area where we need to be aware of a bounce, ideally up into wave 4 back to old low that can turn into a resistance near 154.70.
NZDJPY is falling sharply away from 75.33 where price complete wave iv-circled. Based on the current price move we see more downside incoming. On the updated chart we see wave v-circled now unfolding with its five subwaves down to around 73.00 area, or even to 72.50
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