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GBPUSD Looking For Correction, USDJPY Trading Higher – Elliott

USDJPY trades at 120.70, following a break above the upper trend line of a corrective channel, suggesting the decline from 121.73 was completed. It was a three-wave move. The correction points to higher levels in the sessions ahead.
USDJPY 1h Elliott Wave Analysis

usdjpy i

GBPUSD is turning lower at the moment, on worse than expected Manufacturing Production figures (-0.8% vs 0.2%). Technically, we expected this downward reversal to happen at the end of an extended fifth wave yesterday, in wave A.  As such, the current reversal down may be a corrective wave B looking for a support around the 1.5300 zone. That would be an ideal area for a new bounce to the upside.

GBPUSD 1h Elliott Wave Analysis

GBPUSD I (1)

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!