Elliott Wave Forecast For GBP/USD & USD/JPY

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GBPUSD 4h Elliott Wave Analysis

GBPUSD moved to a new swing low yesterday and tested the lower side of a trading channel. We still see move from 1.6822 as a corrective pullback so ideally market will turn bullish in the next few days. An impulsive rally and a daily close price above 1.6665 will put this market back in bullish mode.

gbpusd elliott wave

USDJPY 4h

USDJPY reversed strongly to the downside last week, away from 103.74 high. A decline is very strong and sharp with current price already at the lower side of a trading channel. We see that leg down as an impulse in progress so we assume that a corrective rally from 100.74 to 103.74 is completed and that price is heading to new lows, possibly even to 100 area in the next couple of trading days.

USDJPY 4h Elliott Wave Analysis

usdjpy elliott wave 4h

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.