Elliott Wave analysis on USDJPY and GBPUSD

February 24, 2016 10:09 AM

USDJPY continued to fell further following the 5 wave projected pattern to new lows. We expect  current pullback to terminate at 112.60 level and mark the end for wave 4. On the basis of the fibb. measurement our final target for this pair should be around 111.00 levels which should mark the end of the whole larger time frame corrective move.



GBPUSD is in downward spiral caused by latest BREXIT rumors in EU. Current fall is going to continue  but on the short term horizon we expect a pullback in the wave 4 position and levels around 1.4165 might serve as a solid resistance for red wave 4. From there this pair should continue its fall into wave 5.





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