Elliott Wave Analysis On GBPUSD And USDJPY
EUR and GBP are very strong at the moment against the US dollar since NFP release. We have seen a strong leg up on cable to current 1.3340/60 area where upside can be limited as we see pair in subwave five of an extended wave three. If that's the case then we can expect a retracement into a new corrective wave four next week, so in the short-term gains may slow down.
USDJPY came sharply to the downside but support was found at 102.80 area where wave c equals to wave a. A sharp bounce followed afterwards that lift pair back to the upper channel line, so it appears that uptrend may continue back to 104.00 and even to 104.30/50.