E EURJPY & GBPJPY Elliott Wave Cycles Point Higher

DXY is coming higher, ideally making a corrective formation; an expanded flat that can be already in late stages because of five waves up that I am tracking in wave c. Keep in mind that DXY is up, only because EUR and JPY are the weakest. So if the weak currencies, like EUR, can find the base then stronger will produce even more gains IMO.

As expected, EURJPY is making a nice correction within wave 4) back to the projected 132 support level, which can be already approaching the end, so be aware of a continuation higher for wave 5) towards 134-135 area soon. There's still a chance for slightly lower support levels, but we remain bullish as long as it's above the 130.48 invalidation level.

EURJPY 4h Elliott Wave Analysis

EURJPY Elliott Wave

GBPJPY is slowing down after broken May highs, which we ideally see it as part of wave iv) correction of a five-wave bullish impulse. So, more upside is in view for wave v), probably from current 156-155 May highs zone which can act as a strong support that can push the price even up to 160 area.

GBPJPY 4h Elliott Wave Analysis

GBPJPY Elliott Wave

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.