Elliott Wave Analysis: USD Index and EURJPY Intraday
USD Index is trapped in 79.87 - 80.45 range in the form of a corrective price action. We can already see two swing lows and two swing highs that can represent a contracting triangle placed in the middle of a larger uptrend. Triangle are five wave patterns so ideally market is now in wave (d) with wave (e) still to come before market may break through the upper side of the range.
USD Index 1h Elliott Wave Analysis
I still have eye on EURJPY where latest price action suggests that wave (B) is a triangle and not a flat. Looking now for wave E top around 141.80. An impulsive sell off from the upper side of a range will be interesting price action for short entries.
EURJPY 1h Elliott Wave Analysis
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