USDJPY and USDMXN Update – Elliott wave analysis

Intermediate

Good morning traders, and welcome to the intra-day morning updates.

Let us start with USDJPY where we see a completed four-wave move to the upside, and latest intra-day rally from the 109.21 level as final move higher as wave 5). We can see that wave 4) had faced nice support right at the former wave 4, which is usually a nice reversal region for the fourth waves. That said, now we are tracking wave 5), which can target the 109.99 area.

Also keep in mind that we are tracking final wave higher of an impulse; wave 5) so be aware of resistance, and weakness in minimum three legs.

USDJPY chart, 1h

intra USDJPY

USDMXN is still dropping, now ideally unfolding final stages of a fifth wave of wave 3), so be aware of possible support, and a turn into a higher degree wave 4) correction near the 18.9/18.85 region. Possible resistance for the upcoming forth wave correction can be near the 19.09 area.

USDMXN, 1h

intra USDMXN

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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