Elliott Wave Analysis: EURUSD and USDJPY

We see the markets very calm but with a sideways movement on the higher time frames, but some short-term structure on several pairs suggests that we may see USD strength.

On EURUSD we see a five wave decline from 1.0828 to 1.0639 which indicates an important trend is in change, so the current bounce is likely temporary. We are tracking a simple a-b-c bounce that can reach Fib. area at 50-61.8% from where we believe the market could turn down in the next 24 hours.

EURUSD, 1H

USDJPY is also turning up now after a deep pullback to 111.67; it was a corrective decline that should be finished because of a recent rise above the channel line which means that the third leg up is unfolding. It can either be wave three or c but in both cases, there is room for 112.95 minimum.

USDJPY, 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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