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

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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

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