Elliott Wave Moring Review for British Pound And Japanese Yen

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British Pound (GBPUSD)

GBPUSD is trading higher from 1.5983 but rally is not in five waves so any low of a-b-c correction is not yet confirmed. There are still possibilities that wave b will be more complex and that pair will retest 1.5960 swing area before uptrend resumes.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1h Elliott Wave Analysis
GBPUSD 1h Elliott Wave Analysis

Japanese Yen (USDJPY)

USDJPY reversed lower lately as expected after we called final leg in red wave i) after a push higher from a triangle at the end of the last week. Keep in mind that triangles occur prior to the final move of the pattern. Our blue wave 5-cricled was that final leg.  As such, current move down is contra-trend movement, (A)-(B)-(C) retracement that may look for a bottom around 98.50. If we get a nice zigzag in wave ii) then we will be considering longs while 97.75 holds.

USDJPY 1h Elliott Wave Analysis

 

USDJPY 1h Elliott Wave Analysis
USDJPY 1h Elliott Wave Analysis

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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.