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Elliott Wave Analysis For GBPJPY and USDCAD Intraday

Usually you will see XXX/JPY pairs trading in the same direction as stocks. Well, stocks turned sharply up in this week so looking even higher on yen crosses makes sense. Below we have GBPJPY which in fact has a nice bullish structure because of five waves from the low followed by a complex corrective decline that is still in progress now, but part of a bullish trend. We see support at 170.00-170.50

GBPJPY 1h Elliott Wave Analysis

GBPJPY 1-Hour Elliott Wave Analysis

Bad Retail Sales data from Canada and good CPI from the US caused a nice pop-up on USDCAD that can be heading higher now with impulsive price action but we want a daily close price above 1.1294 to look for a rally back to October highs.

USDCAD 1h Elliott Wave Analysis

USDCAD 1-Hour Elliott Wave Analysis

 


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