Elliott Wave Analysis For EURJPY And GBPUSD

By: Gregor Horvat | Tue, Mar 15, 2016
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EURJPY

EURJPY is trading nicely down for the last few session.. Decline is quite sharp at the moment so ideally that's wave three in play towards 124.20-124.60 area where we see some typical Fibonacci projections for extended third wave. That said, we will still keep a close eye on this pair as some interesting sell opportunities may occur later this week, if 126.08 will stay untouched. If stocks will trade lower, then this would also be a bullish sign for Japanese yen.

EURJPY, 1H

EURJPY 1-Hour Elliott Wave Chart


GBPUSD

GBPUSD remains bearish as recent minor intraday rally up to around 1.4195 can be wave 4 as part of a five wave decline in wave C) that is targeting 1.4100-1.4120 area where we would expect to see a bounce. Ideally this new leg up will then be in impulsive, five wave structure, but based on minimum expectations it can also be a three wave move, but still to the upside, probably back to a round 1.4280 as minimum objective.

GBPUSD, 1H

GBPUSD 1-Hour Elliott Wave 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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