Elliott Wave Analysis On EURJPY And EURGBP

Gregor Horvat

EURJPY is turning sharply higher after a spike beneath 122.00 where market was bought following a break beneath 122.06 low from end of February. We see current leg up quite strong so we think it’s an impulsive that can rally back to 124.20-124.67 area where upside can be limited for wave B) that can be making a flat correction at the moment.

EURJPY 4 Hour Chart

EURGBP has turned sharply lower last week so looks like that this new bearish trend will now continue, as on intraday chart we see a three wave bounce from 0.7924 up to 0.7992 high which is a structure of a contra-trend move. As such, sooner or later price will break beneath the channel line from where we can expect a decline towards 0.7900 area.

EURGBP Hourly Chart

Source: www.ew-forecast.com