Elliott Wave Analysis on GBPUSD and EURJPY Jan 2016

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GBPUSD

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

GBPUSD 30

EURJPY

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.

EURJPY, 4H

EURJPY 4

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