USDJPY Breaking out of a Triangle, EURAUD Looking Bullish

Intermediate

Hi traders,

USDJPY is nicely breaking above the 111.07 level, showing early evidences of a completed triangle correction in wave 4 of a higher degree, and that wave 5) is in progress. In such case be aware of more gains, ideally in impulsive (five-wave) fashion, targeting 111.4/111.50 area, where triangle measurement projects end of a final leg. However, if price breaks above this area, then 111.8 zone would be the second projection target for a turning point.

USDJPY, 1h

USDJPY 1h Chart 2019-02-28

That said, a later drop in three legs, and below the 110.65 level would confirm that the pair is turning.

USDJPY, Daily

USDJPY Chart Daily 2018-02-28

EURAUD is trading nicely higher as expected and there’s room for more upside towards 1.61 area or higher within a five-wave cycle. So, we remain bullish while it’s above 1.5880 invalidation area.

EURAUD, 30Min

EURAUD 30m chart 2019-02-28

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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