USD/JPY and USD/CHF Elliott Wave Analysis: More Upside Ahead

As such, it seems that final leg higher is now underway ideally into 100 zone.

USDJPY Elliott Wave Analysis

USDJPY is coming higher as expected, now breaking out of a triangle meaning that pair can be in the final piece of a higher degree impulse from 2021 swing lows. We see this as a fifth wave meaning that upside can be limited in upcoming weeks, but based on Fib projections there is still room for 118.50/119.00 area after pullbacks. Ideally, next pullback will be wave 4) as we see wave 3) now as a very strong and extended leg, so the market may slow down a bit in the near term.

USDCHF 4h Elliott Wave Analysis

USDCHF once again stabilized at the lower side of a big triangle range and is currently turning higher, breaking resistance levels so it appears that wave C of B) is still in play possibly to 0.9400/50 area which can be seen after subwave four pullback when looking at 4h chart. Support is at 0.93-0.9340.

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