Elliott wave Analysis: USDJPY and GBPUSD

USDJPY is bearish, unfolding the final leg 5) of a bigger impulsive wave C. On that note, be aware that we are observing the final stages of a higher degree wave C, which means that despite the current sharp decline, the downside can be limited around the 109.00 region, from where bulls could again pick to a higher price. The triangle thrust projection target at 109.45 has been reached, so bears can start to slowdown.

USDJPY, 1h

GBPUSD made a sharp reaction higher in the last couple of trading sessions and can now be unfolding an extended wave 5 of a higher degree, with blue sub-wave three in action. This sub-wave three can slow down near the 1.427 level, where Fibonacci projection of 261.8 sits. Once this happens, a new temporary retracement into blue wave iv may start to develop, with a potential support being offered near the upper portion of the base channel line.

GBPUSD, 30min


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