Elliott Wave Analysis: GBPUSD and EURJPY

GBPUSD

Cable is falling sharply since the pair found a top at 1.2433 levels, where we called the end of the corrective wave B circled. We can see nice five sub waves of decline from that high, so despite a bearish turn we need to be aware of a potential bounce, at least in three waves, in the very near future. Ideally, the market will turn up from around 1.2050-1.2100 area.

GBPUSD, 1H

EURJPY

EURJPY turned nicely up from 122.00, where I labeled a completed triangle in a fourth wave so we must be aware of higher prices, especially once 123.78 is broken, which can make room for 125.00/30 this week.

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!

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