Elliott Wave Analysis: GBPUSD and USDJPY

By: Gregor Horvat | Mon, Feb 6, 2017
Print Email

GBPUSD

GBPUSD is weakening and now attacking 1.2411 swing support from last week which may play an important role for a price action ahead. Notice that we are tracking a flat correction; it's an a-b-c structure where sub-wave c normally finds a base at the area of wave a. In our case this is at 1.2411, followed by an important Fib. support zone 100 points lower. So technically speaking we see a set-back, which may stop at 1.2300-1.2400 area this week.

GBPUSD, 1H

GBP/USD 1-Hour Chart

USDJPY

USDJPY has reversed down from around 115.60 with more weakness so we see pair still in a big and important contra-trend move. We are tracking a double zigzag with wave C of Y) in play. Wave C of Y) is showing us qualities of an ending diagonal so a sharp reversal higher may be just around the corner. A break above the 115.60 level would indicate a completed correction and higher levels to follow.

USDJPY, 4H

USD/JPY 4-Hour Chart

 


Visit our website and Get more charts and forecasts with free access through 14-Day Trial Offer → http://ew-forecast.com/register/
You can also follow us on twitter @ewforecast

 


 

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.

EW-Forecast: To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

Please be informed that information we provide ARE NOT trading recommendation or investment advice. All of our work is for educational purposes only.

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com