Elliott Wave Analysis: On EURJPY And USDJPY
![usdjpy-1](https://www.onestopbrokers.com/wp-content/uploads/2016/09/usdjpy-1-685x320.png)
EURJPY
JPY crosses turned up during Asian trading hours with USDJPY up more than 120 points which also caused the same rally on EURJPY. We see many xxx/JPY pairs in late stages of corrections, so we need to be aware of a bearish turn, in favor of the JPY. On the hourly chart of EURJPY below we see a three wave of recovery that can represent wave two which may look for a top formation at 114.40-114.80 area. This one is on our radar screen for shorts.
EURJPY, 1H
USDJPY
USDJPY broke higher, out of a triangle placed in wave B position at 100.450. So far, there is a strong move up from 100.45 but still it can be wave C as part of a corrective advance from Sep 21st. We see technical resistance coming in at 102.00 zone.
USDJPY, 1H
http://www.ew-forecast.com/service
Find more: Contributing Authors