Elliott Wave Analysis On Silver And USDJPY
Metals are higher today, with gold at 1316 and silver at 19.24 after it hit 18.65 on Friday. We see quite nice strong turn up on silver, clearly in five waves so we can expect more upside after any short-term correction. Ideally we are going higher now into wave D which should be made by three legs so we would not be surprised if market would rally up to around 19.50 zone.
USDJPY is ticking lower, now breaking through the trendline support connected from September low which indicates that wave C is in play. We see pair falling towards the 100.50-100.70 area where wave D) can find looking for some support, as part of a higher degree triangle.