USDJPY and GOLD Both Looking For A Three-wave Reversal - Elliott wave Analysis

Gregor Horvat Wavetraders

Hi traders,

USDJPY is at the lows, now in wave five out of a triangle so market can see a low soon. Keep in mind that after every five waves, market will make a three wave recovery. In our case this reversal will be expected in the next few trading days. Technical support is at 111.30/111.50.

USDJPY, 1h

We see gold moving up in impulsive fashion. Price broke above 1226 and is now trading in fifth wave towards 1235/1240 area, where bulls may start slowing down for a new three-wave reversal.

Gold, 1h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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