GBP/USD And USD/JPY Intraday Elliott Wave Analysis
Cable is on the rise ahead of BoE minutes. On the intraday chart below, we see a nice turn up from 1.5527, where wave B) appears complete, which we already talked about yesterday. We see new swing high coming for wave C), which may reach levels near 1.5700 before the market may turn down. Break beneath wave X) support at 1.5450 would indicate that early bears are in progress.
GBP/USD 1h Elliott Wave Analysis
GBP/USD Elliott Wave Hourly Chart
USD/JPY made five waves of decline, which is likely wave a) of a three wave setback in wave (b) that can be headed down to around 122.90 support. Ideally, price will bounce from that area later this week. Keep in mind that the larger trend is still up, and that the current pause is only temporary. So we will favour long opportunities once the correction is done. USD/JPY 1h Elliott Wave Analysis
USD/JPY Elliott Wave Hourly Chart