Elliott Wave Analysis On EURJPY And GBPUSD
EURJPY is breaking above the upper channel line in a sharp manner, probably as part of red sub-wave A). As such we believe the final blue wave E of this higher degree triangle may be in motion, with a probable reversal zone around the 61.8 or 78.6 Fibonacci ratio. Ideally from there more weakness will occur in impulsive fashion.
GBPUSD is trading nicely towards our 3 or C wave target around the 1.2289 region, from where a probable reversal may come in play. Ideally this will only be a three wave reversal, meaning more upside could still later be seen, after this reversal takes place.