Elliott Wave Analysis On GBPJPY And NZDJPY

By: Gregor Horvat | Thu, Apr 7, 2016
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GBPJPY

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.

GBPJPY, 4H

GBPJPY 4-Hour Chart


NZDJPY

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

NZDJPY, 1H

NZDJPY 1-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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