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