Elliott Wave Analysis: GBPUSD and USDJPY
GBPUSD is weakening and now attacking 1.2411 swing support from last week which may play an important role for a price action ahead. Notice that we are tracking a flat correction; it's an a-b-c structure where sub-wave c normally finds a base at the area of wave a. In our case this is at 1.2411, followed by an important Fib. support zone 100 points lower. So technically speaking we see a set-back, which may stop at 1.2300-1.2400 area this week.
USDJPY has reversed down from around 115.60 with more weakness so we see pair still in a big and important contra-trend move. We are tracking a double zigzag with wave C of Y) in play. Wave C of Y) is showing us qualities of an ending diagonal so a sharp reversal higher may be just around the corner. A break above the 115.60 level would indicate a completed correction and higher levels to follow.