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Elliott Wave Analysis: EURUSD And USDJPY

EURUSD

No change on EURUSD; pair made three legs up last week which is a structure of a corrective price action. We see a completed zigzag in wave four that should send price to new lows this week. Based on Fibonacci levels we see room down to 1.0580 this week. In the mean time 1.0830 must hood, otherwise wave count will have to be reworked.

EURUSD, 1H

EURUSD 1-Hour Elliott Wave Chart


USDJPY

USDJPY has turned nicely up in the last few hours, which looks like an impulse that already broke out of the downward channel. At the same time we see move above 122.98 swing high that also suggests higher prices ahead. That said, it looks like that wave iv) finally bottomed as a double zigzag so traders must be aware of a continuation back to the November highs.

USDJPY, 4H

USDJPY 4-Hour Elliott Wave Chart

 


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