Elliott Wave Analysis on USDCAD and EURJPY

USDCAD

We have seen a nice and strong move up to 1.4700 where we think that the pair is looking for a top as we see a price action in sub-wave five. In fact, today there is a lot of important data coming from Canada, including BoC rate decision and the policy report, so we would not be surprised if maybe the current bullish trend will slow down.

USDCAD, 1H

EURJPY

EURJPY is ticking lower, possibly headed down into wave 5 towards 126.00 area as the triangle in wave 4 appears completed. Even USDJPY has room for 115.30 still, which can help EURJPY weakness, but keep in mind that both pairs are in fifth wave, so the downside could be limited anyway. A new corrective rally may unfold till the end of the month.

EURJPY, 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!

View all posts by Gregor Horvat