Elliott Wave Analysis On USDJPY And EURUSD

By: Gregor Horvat | Thu, Feb 11, 2016
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USDJPY

USDJPY is up for the last few hours, but downward structure for wave v is not completed yet as decline from 117.54 should be made five sub-waves. That said, be aware of more weakness soon towards 110.00 but only if 114.22 invalidation level will stay in place. If from any reason price will break higher and start rising aggressively towards 117.00 then we may consider a low in place.

USDJPY, 1H

USDJPY 1-Hour Chart


EURUSD

We still do not have signs of a top here on EURUSD but it may be near as we see price in fifth wave while RSI has a divergence. We however are waiting on impulsive drop in price through 1.1160 swing to confirm that upside is finished on EURUSD. Until that happens 1.1400 can be reached easily.

EURUSD, 1H

EURUSD 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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