As per Elliott Wave analysis, EUR/JPY is again coming to the downside so it appears that wave 4 is much deeper and more complex than in the first place. We are tracking a double zigzag with which can be approaching the support now around 129.00/129.50. A key level for a change in trend is at 131.09.
EUR/JPY Daily Elliott Wave Analysis Chart
GBP/JPY is sharply and impulsively recovering from the projected support zone after a completed complex 7-swing a-b-c-x-a-b-c corrective decline, so seems like the bulls are back in the game and we can expect more gains, especially after a recently broken channel resistance line connected from the highs. Now that GBP/JPY is making a pullback, ideal support would be here at that channel resistance line, from where we can expect a bullish continuation.
GBP/JPY Daily Elliott Wave Analysis Chart
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