Elliott Wave Analysis: USDJPY and USDCHF Update

Hello traders!

Current strong recovery and a break above the upper corrective channel line on USDJPY suggests a completed three-wave correction since the end of March and a new bullish cycle to be in play. At the same time, we also see price trading above the 106.45 level which can confirm more upside on the pair.

USDJPY, 1h

USDCHF is still trading higher in a complex correction w-x-y and we say correction because of overlapped wave structure, so currently can be in the final stages in c) of y that can stop around 1.9650 level.

USDCHF, 1h