Elliott Wave Analysis on USDJPY and GBPUSD

USDJPY

USDJPY is turning nicely higher, now breaking slightly above the downward channel which can be the first step for a bullish reversal. But we are still missing a clear five wave rally from the low, as well as a 118.26 breakout that will be one of the most important evidences for a change in trend. In that case we will look for minimum three legs of recovery back to around 120.00, especially if stocks will also be trading higher.

USDJPY, 1H

GBPUSD

GBPUSD can be finally turning higher after five waves down from a fourth wave triangle last week at 1.4427. We know that a triangle will occur prior to the final leg within a bigger pattern, which means that sooner or later the price will turn up into a larger correction as recent decline represents wave 5. a Break above 1.4363 will be an important and final confirmation for a bullish turn.

GBPUSD, 1H

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!

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