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Elliott Wave Analysis: USDJPY and EURJPY

USDJPY looks to be taking off sharpy in sub-wave v) of three. Well, if that is the case then we may have an extended fifth wave. That said, we believe some resistance may come in around the 261.8 Fibonacci ratio, from where a new corrective decline may follow into bigger wave four.

USDJPY, 1H

USD/JPY 1-Hour Chart

EURJPY is also making a five wave development to the upside, with price now specifically trading in sub-wave 5) of A. That said, the upside for wave A may be limited in the near-term around the Fibonacci ratio of 161.8, where bulls may slow down and a new three wave retracement may come in play.

EURJPY, 1H

EUR/JPY 1-Hour Chart

 


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