Elliott Wave Analysis On USDJPY And USDCHF

Gregor Horvat

FX market is moving sideways, with a corrective price move shown on some several USD pairs, so USDJPY can be in a similar position. As we see on the chart, price structure from the last few days looks very tight, meaning it can still be trading corrective within wave four as part of an uptrend. Ideally this correction is a running triangle, that is pointing up into wave v of C towards the 105.00 projected area, while 102.77 support is not breached.

USDJPY Hourly Chart

USDCHF is also moving sideways, probably the same as USDJPY within a triangle correction, with waves d and e yet to unfold. As such we believe price may be slow and overlapping still for a couple of days, and ideally at the end of the week some gains will follow into wave v) of three.

USDCHF Hourly Chart

Source: www.ew-forecast.com