Elliott Wave Analysis: On EURJPY And USDJPY
EURJPY
JPY crosses turned up during Asian trading hours with USDJPY up more than 120 points which also caused the same rally on EURJPY. We see many xxx/JPY pairs in late stages of corrections, so we need to be aware of a bearish turn, in favor of the JPY. On the hourly chart of EURJPY below we see a three wave of recovery that can represent wave two which may look for a top formation at 114.40-114.80 area. This one is on our radar screen for shorts.
EURJPY, 1H
USDJPY
USDJPY broke higher, out of a triangle placed in wave B position at 100.450. So far, there is a strong move up from 100.45 but still it can be wave C as part of a corrective advance from Sep 21st. We see technical resistance coming in at 102.00 zone.
USDJPY, 1H
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