Elliott Wave Analysis: GBPJPY and EURJPY
Intraday structure on GBPJPY is turning nicely bullish, now with five waves up on intraday chart above the upper channel resistance line. We will be tracking a pullback in the next few days for potential long entry, especially if we consider bullish count for USDJPY, Stocks and GBPUSD as well, so basically GBPJPY has a lot of upside potential.
EURJPY has been trading higher with sharp price moves for the last few weeks, which looks like an impulse in progress on a daily time frame, so current reversal down on 4h chart is seen as a correction, a three wave move. We are tracking an A-B-C pullback in wave 4) which can be looking for a support near 120.00-120.50 area, with wave C unfolding as a potential ending diagonal. However, only a five wave bounce from that region can confirm a reversal higher into a wave 5).