Elliott wave Analysis: USDJPY, GBPUSD and GBPJPY Intra-day Updates 

intra-day gbpjpy

Gregor - Author BIO photo

USDJPY can be unfolding a minor correction within an upcoming recovery, down from 111.66 level, where wave a/I found a temporary top. Current wave b/ii correction can look for support and a bullish reversal around the Fibonacci ratio of 50. or 61.8 (111.40/111.28 area).
Invalidation level is at 111.04 level.


usdjpy itnra

Current decline on Cable still can be part of a correction into a wave 4 since we noticed a three-wave a-b-c drop only. So, here at 50% Fibo. retracement can be a nice support, but only a strong rise back above 1.3080 region would be a confirmation for a bullish continuation for wave 5. Invalidation level is 1.2915.


intra-day gbpusd

At the same time we can also see a nice bullish setup on GBPJPY. Clear five-wave rally from the lows and three waves a-b-c of a corrective decline suggest more upside, but only if we get a decisive break back above 145.40 bullish confirmation level. Invalidation level remains at 143.75, in case if price goes more complex.


intra-day gbpjpy


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



By Gregor Horvat

Find more: Contributing Authors

Leave a Comment

Broker Cyprus TopFX