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
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
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