Elliott Wave Analysis: GBPJPY and USDJPY

Grega Horvat

GBPJPY is making a five-wave bearish structure within blue wave c as part of a three-wave consolidation. We see current intra-day structure unfolding an overlapping movement, which can mean a potential ending diagonal within red wave v) of c can be in progress. If that is the case, then once current red wave v) fully unfolds a sharp and strong reversal to the upside can come in play.

GBPJPY Hourly Chart

GBPJPY Hourly Chart

USDJPY is unfolding a five-wave movement within higher degree wave C as part of a three-wave decline. Ideally bears will slow down near the Fibonacci ratio of 61.8 and make a new reversal higher. A breach above the 112.43 level would confirm a bullish continuation.

USDJPY Hourly Chart

USDJPY Hourly Chart

Source: www.ew-forecast.com

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