Gold and USDJPY Intra-day view – Elliott Wave analysis
Gold fell as expected, down into our Fib. projected support levels for wave v of iii) where bears may slow down, but not for long as new upcoming bounce will again be seen as a corrective rally within ongoing downtrend. Keep in mind that trend on metals is very bearish lately, so its definitely better and safer to stay with the current trend rather than fight it. But again, rally can be seen soon. New resistance is at 1220 up to 1228.
USDJPY is retesting the highs but because of very small pullback we assume that wave 4 is likely going to be more complex. I am observing idea of a flat correction with wave c) yet to come. With that in mind, I think it can be too soon for any new long entries. The most interesting support is still around 112.00 handle.
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