Elliott wave Analysis: GBPUSD and USDJPY

Intermediate

Hello traders today let’s take a look at GBPUSD and USDJPY pairs.

GBPUSD made a nice five-wave drop from the 1.321 level, which is a sign of a completed higher degree wave C, and that a new bearish cycle is in play. We know that after a five-wave price development fully unfolds, a three-wave correction follows which can in our case look for resistance and a bearish reversal near the 1.299/1.300 region, or area of Fibonacci resistance ratios of 38.2/50.0.

GBPUSD, 4h

4h gbpusd feb 13 2019

USDJPY keeps moving higher, now also supported by a new push up on US stocks yesterday. Technically speaking we still see USDJPY in wave C that broke out of a triangle so upside can be limited, but its important to see a drop back below 110.45. Also from my experience, if you see straight moves from Sunday open till Wednesday, then it is worth to consider that market may slow down or even reverse in the second part of the week.

USDJPY, 1h

usdjpy intra

Comments on this analysis


Latest News

gbpusd chart
Pound recovery aims GBPUSD for key resistance at 1.2814

A rebound for the GBPUSD Forex rate this week, but the midweek surge has primarily been driven by broad US Dollar weakness. US$ losses have been a reaction to the Fed Meeting on Wednesday (19th June 2019), where the Federal Open Market Committee (FOMC) opened the door to a rate cut, expected in July, with … Continued

nasdaq
Nasdaq Points Up; USDTRY Getting Ready For More Weakness

NASDAQ should remain in uptrend, because we don’t see a completed five-wave cycle yet, so current three-wave decline can be only part of a corrective wave iv that can find support ideally around previous wave iii) swing high and 7600 – 7595 levels and from where may see a continuation higher for wave v of … Continued

audusd
AUDUSD and NZDUSD rebounds question bear trends

Positive comments from US President Trump regarding a likely meeting with the Chinese President Xi Jinping at the G20 Meeting in Osaka, Japan. This sparked hopes of a resumption of trade negotiations, increasing investor risk appetite and sent riskier assets higher, with global stock indices posting firm gains on Tuesday. Furthermore, the “risk currencies”, the … Continued

ftse 100
UK benchmark index, the FTSE 100, aiming higher

Global equity averages have retained their short-term positive outlooks from the strong rallies at the start of June, consolidating these recovery efforts over the past week. The UK benchmark stock average, the FTSE 100 is in similarly positive mode, but also bolstered by Sterling weakness against the US Dollar and Euro (GBOUSD low and EURGBP … Continued


Forex Brokers in your location