Elliott Wave Analysis on GOLD and USDJPY

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GOLD

GOLD has recovered nicely in the last few hours with more upside to come after the pullback. The current rise from 1070 appears to be the final wave within an extended wave iii. As such, be aware of more gains after a minor retracement back to 1070-1074 area, where the black wave iv can be looking for a support.

GOLD, 1H

gold 1..

USDJPY

USDJPY is in minor recovery at the start of the US session; it recovered near 119.40, which appears to be an intraday resistance for current wave iv. It looks like the market could continue lower while E-mini S&P500 traders go towards 1980/1990 level. We see USDJPY in a bearish mode for 118.40/850 while 119.98 holds. We would turn bullish only above that level.

USDJPY, 1H

USDJPY 1..

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