Elliott Wave Analysis On USDCHF And USDJPY
Elliott Wave Analysis On USDCHF And USDJPY
USDCHF
USDCHF has a contracting shape since pair found a top on October 13th, so we see pair now in just another corrective pattern. It’s probably a triangle placed in fourth wave which means that uptrend is expected to continue towards 0.8850 or maybe even to 1.0000 area this month.
USDCHF, 1H
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USDJPY
No change on USDJPY for now. We still see pair consolidating in a fourth wave triangle, so our view remains bullish for wave five that may reach 105.00 area this week. However, keep in mind that moves out of a triangle are final within a larger cycle, so bearish turn will be expected from a new high, but will have to be confirmed by an impulsive turn, before bulls can be marked as finished.
USDJPY, 1H
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A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide into 3-3-3-3-3.
Basic Triangle Pattern:
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