Elliott Wave Intra-day Review: EURUSD, USDJPY and NIKKEI225

In yesterdays intra-day video (for members) we were talking about possible larger pull-back on the EURUSD up in wave 2. Well, we can see a push above hourly resistance line of an EW channel which suggests higher prices or maybe sideways move if correction will be smaller in price, but longer in time. But in either case we think that move from below 1.3000 is corrective and that sooner or later downtrend will resume. Ideal resistance zone for current bounce is at 1.3150-1.3200.

EURUSD 1h # Chart

During Asian session we have seen higher Nikkei futures that caused a push higher on USDJPY pair. Prices are now approaching 99.00 level but based on the updated chart we see room for 100 psycho level, especially if we also consider that we need five waves within wave C from 97.00. So for now USDJPY remains in uptrend but we expect a bearish reversal in the next few trading days, probably early next week.

USDJPY 1h # chart

Nikkei and USDJPY has normally positive correlation so if USDJPY will turn bearish, Nikkei will probably follow. In fact, on Nikkie we see a three wave rise from June low, now wave wave C approaching resistance around 14000.

Nikkie 4h # chart

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