Elliott wave Video Analysis: GBPJPY and EURUSD

Intermediate

GBPJPY has been trading choppy and overlapping in a higher degree wave 4 in June and found a top In July, at the 149.31 to be specific. We can see that price dropped nicely from the highs, which gave us thinking maybe a new drop in five-waves can be in play for the pair. If that is the case, then three more waves may follow, ideally towards the Fibonacci ratio of 161.8 as we also see the former correction in blue wave ii at the 147.13 level finished. A drop through the lower channel line can now confirm a bearish continuation towards 141.30 region.

4h gbpjpy

For more information check the video below, where we also cover the EURUSD.

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Your email address will not be published.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 *


Forex Brokers in your location


SIGN UP

79% of retail investor accounts lose money


SIGN UP

78,6% of retail investor accounts lose money


SIGN UP

74,9% of retail investor accounts lose.


SIGN UP

73,9% of retail investor accounts lose.