• 4 hours Gold Mid-Tiers Rally On Fresh Earnings Reports
  • 22 hours Can The British Pound Overcome Brexit?
  • 1 day Is A Gold Breakout Near?
  • 2 days Federal Reserve Downgrades U.S. Growth And Cuts Rate Hikes
  • 2 days Disney Beats Out Comcast In $71.3B Mega-Merger
  • 2 days The Feds Continue To Prop Up Equities Markets
  • 2 days Bejing's Sway In South China Sea Is Fading
  • 3 days Saudis Eye Billions As Stocks Get Emerging Market Boost
  • 3 days Airbnb In Acquisition Mode Ahead Of IPO
  • 3 days Gold Hangs At $1,300 Ahead Of Fed Meeting
  • 3 days Champagne Sales Slow As European Economic Worries Grow Louder
  • 4 days Putin Signs “Digital Iron Curtain” Into Law
  • 4 days Russian Metals Magnate Sues U.S. Over Sanctions
  • 4 days Tesla Looks To Jump Into Indian Market
  • 4 days Global Banks Lay Groundwork To Re-Inflate Asset Prices
  • 5 days Homeowners Experiment With Risky New Investment Trend
  • 5 days U.S. Tech Stocks Look Increasingly Vulnerable
  • 5 days De Beers To Expand World’s Most Profitable Diamond Mine
  • 5 days Ford CEO Gets Raise After Massive Layoff Round
  • 6 days Germany’s Flirtation With Recession Could Cripple The Global Economy
The Chatroom Cartel Running Global Bond Markets

The Chatroom Cartel Running Global Bond Markets

Eight major banks have been…

Lending: The Good, Bad, And Ugly

Lending: The Good, Bad, And Ugly

Aristotle said, “The most hated…

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: GBPUSD and USDJPY

GBPUSD

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.

GBPUSD, 1H

GBP/USD 1-Hour Chart

USDJPY

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.

USDJPY, 4H

USD/JPY 4-Hour Chart

 


Visit our website and Get more charts and forecasts with free access through 14-Day Trial Offer → http://ew-forecast.com/register/
You can also follow us on twitter @ewforecast

 

Back to homepage

Leave a comment

Leave a comment