Elliott Wave Analysis On GBPJPY And EURJPY

By: Gregor Horvat | Thu, Aug 11, 2016
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GBPJPY

Pound keeps moving lower across the board, so we think that GBJPY will also stay under pressure for a few more sessions if we consider falling USDJPY. On the 4h chart we are looking at reworked wave count which now looks like a completed flat in wave 4 at 143.00 area as decline from there can be counted in impulsive fashion without overlap in recent price move. As such, we think that GBPJPY can be headed to a new low before market may turn up again, but of-course that would be only after five waves down in black wave 5.

GBPJPY, 4H

GBP/JPY 4-Hour Chart


EURJPY

EURJPY may see some upward reaction in the very short-term towards 114.00 where we think that upside would be limited based on latest updated count which shows that current minor recovery can be wave 4 within ongoing downtrend. Reason for a bearish view is previously unfolded three wave bounce from 109.50 up to 118.43 that could be a correction, thus whole recovery should be fully retraced which suggests further weakness back towards the lows while 116.90 is not breached.

EURJPY, 4H

EUR/JPY 4-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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