Elliott Wave Analysis on GBPUSD and EURJPY Jan 2016



GBPUSD is slow and choppy above 1.4120 area so we believe the pair is just in a minor correction within an ongoing weakness. We currently see a price action in the fourth triangle form where another push down is expected to be seen. 1.4100-1.4070 can be seen while price trades beneath 1.4300.

GBPUSD, 30 Min



One of very interesting pairs can also be EURJPY which may find some support in the near-term, but only temporary for a recovery up into wave 4). We would be interested to look for shorts on this pair in red wave four, but only if EURUSD will come under pressure.



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