Elliott Wave Analysis On USDJPY And SILVER
USDJPY saw some weakness recently from 101.80/102.00 area, but so far only in three waves so it can be wave X of a complex corrective rally. If that's the case then market will reach higher prices next week around 102.20/40 before new sell-off may show up. On the other-hand, decline beneath 100.75 would suggest that bears are already back.
Silver is moving fast at the moment, now trading at 19.64 with very aggressive price moves, so it appears that wave 3 might have already started. However, it is still only intraday price movement, but daily close here or even higher will likely suggest that a push up to 20.00 will happen next week. On the other-hand decline beneath 19.25 will put bears back in play.