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Elliott Wave Analysis: Nikkei 225 And GBPJPY Correlation

Stock markets in Asia were lower after North Korea accuses Trump of declaring war. We have seen Nikkei turning lower, but mostly likely only into wave C of 4) which may send price to the upside soon, into wave 5) towards 20600. At the same time we can expect higher xxx/jpy pairs because of tight positive correlation.

Nikkei 225, 1H

We are looking at GBPJPY which is also in a wave c of 4 but it may retest 149.70 low before turning up. However rise above 151.85 would suggest that wave 5 is already underway.

GBPJPY, 1H

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