Elliott wave Analysis: GBPJPY and AUDJPY Can Both Turn Higher

Intermediate

GBPJPY is recovering, ideally in a five-wave manner, with price currently unfolding a corrective wave iv. This pullback can look for support, and a final bounce into the final wave v) around the Fibonacci ratio of 23.6 and 38.2 (145.4/145.22 region), and area where we see the upper base channel line.

A rally in impulsive fashion would confirm a completed correction, and wave v) to be in play.

GBPJPY, 1h

gbpjpy chart 2019-05-02

AUDJPY can be trading at the end of a bigger impulsive, bearish leg with final sub-wave v in play. If that is the case, then watch out for a potential low near the 78.00/77.60 region, where Fibonacci projection target of 161.8 can project end for the possible EW ending diagonal. In case price really is unfolding a EW ending diagonal, then be aware of a sharp recovery, which may follow once the pattern fully develops, and can take price towards the 78.93 level.

AUDJPY, 1h

audjpy chart 2019-05-02

www.ew-forecast.com

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

Comments on this analysis

Your email address will not be published. Required fields are marked *


Latest Related News

GBPUSD – GBPJPY Forecast 17 October 2019

Recap GBPUSD we wrote: higher to the next target of 1.2780/90 & above 1.2800 targets minor resistance at 1.2830/40. On further gains look for 1.2860/65... These targets were hit & we topped 10 pips above. GBPJPY bounced 17 pips above strong support at 137.30/20 & shot higher through 138.15, 139.30 & 139.60/70 to top just 19 pips from resistance at 140.25/35. Daily Forecast - 17… Continued

GBPUSD – GBPJPY – Forex forecast 20191015

Recap GBPUSD longs at support at 1.2590/80 were stopped below 1.2560 but we bottomed exactly at strong support at 1.2520/10 with longs offered up to 130 pips profit on the bounce. 1.2630/40. (We topped exactly here). GBPJPY broke support at 136.10/00 but bottomed exactly at the next target of 135.60/50. Forecast - 15 October 2019GBPUSD holding minor resistance at 1.2630/40 tests first support at 1.2590/80.… Continued

AUDJPY and USDTRY Elliott Wave Analysis

AUDJPY can be trading in a sharp three-wave reversal, with current wave c/iii trading higher from the 71.06 area, where former corrective wave b/ii found support. Wave c/iii is an impulse and can now target 73.0 area with a five-legged move. AUDJPY, 1h USDTRY is moving lower into a projected support near 5.65/5.55 region, after a completed triangle pattern within former wave B. A five… Continued

AUD Crosses at Key Levels – AUD Chart Pack

In this special publication, we go through a number of AUD/X charts & setups that have caught our attention. We find the AUD at critical areas, which could dictate the directional bias of the AUDTWI in the 2H 2019. Across our momentum breadth studies for 19 AUD/X pairs: RSI Breadth – 68% bullish. However, divergence from another key breadth measure underpins the overall negativity. MACD… Continued

Elliott Wave Analysis: AUDJPY And NZDJPY Going Bullish Berserk!

Hello traders! AUDJPY is recovering, now unraveling sub-wave iii) as part of a higher degree impulse (iii). Wave three is the strongest and sharpest wave, so be aware of more upside, while price keeps trading above the 74.65 invalidation level. That said, now we see sub-wave iv unfolding, so a temporary setback may be in the cards first, before a new bullish continuation towards 75.91… Continued

Forex Brokers in your location