Elliott Wave Analysis On USDJPY And GOLD
USDJPY
10 year US treasuries have turned south last week, while stocks keeps moving higher, so normally we should expect higher prices on USDJPY as well. As such, we think that turn down from 107.50 is going to be a corrective pullback. We are tracking an A-B-C move in red wave 4) that is expected to drop towards 103.90-104.60 area where we will be looking for signs of a new bullish reversal.
USDJPY, 4H
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GOLD
Gold fell quite nicely this month, most-likely into a corrective set-back in wave 2), which we labeled as a double zig-zag. But based on latest price moves, it appears that another leg to the downside can be in the cards, after recent unsuccessful break above the upper channel resistance line. An updated wave count shows wave C) now in play for 1295-1305 area where we will look for evidences of a bullish turn. However, any change in trend can be confirmed only once we get a five wave bounce from the low.
GOLD, 4H
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