USDJPY trades at 120.70, following a break above the upper trend line of a corrective channel, suggesting the decline from 121.73 was completed. It was a three-wave move. The correction points to higher levels in the sessions ahead.
USDJPY 1h Elliott Wave Analysis
GBPUSD is turning lower at the moment, on worse than expected Manufacturing Production figures (-0.8% vs 0.2%). Technically, we expected this downward reversal to happen at the end of an extended fifth wave yesterday, in wave A. Â As such, the current reversal down may be a corrective wave B looking for a support around the 1.5300 zone. That would be an ideal area for a new bounce to the upside.
GBPUSD 1h Elliott Wave Analysis
