Elliott Wave Analysis On GBPJPY And EURJPY
Pound keeps moving lower across the board, so we think that GBJPY will also stay under pressure for a few more sessions if we consider falling USDJPY. On the 4h chart we are looking at reworked wave count which now looks like a completed flat in wave 4 at 143.00 area as decline from there can be counted in impulsive fashion without overlap in recent price move. As such, we think that GBPJPY can be headed to a new low before market may turn up again, but of-course that would be only after five waves down in black wave 5.
EURJPY may see some upward reaction in the very short-term towards 114.00 where we think that upside would be limited based on latest updated count which shows that current minor recovery can be wave 4 within ongoing downtrend. Reason for a bearish view is previously unfolded three wave bounce from 109.50 up to 118.43 that could be a correction, thus whole recovery should be fully retraced which suggests further weakness back towards the lows while 116.90 is not breached.
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