Estimated reading time: 4 minutes
The bullish trend is present in GBP/JPY currency pair, 15 minutes time frame based on GBP/JPY Forecast today. As I have forecasted few hours ago, the price of GBP/JPY pair is going to drop up now on a short-term basis after printing bullish wave 5 leg which completed Bullish Expanded Flat Elliott Wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my analysis have made the right decision as price descended.
Strong key support level is present at 146.10 price area where the Bearish wave 4 has ended as well. In my judgment, price action in GBP/JPY currency pair is now going to drop few more pips to complete the bearish pullback – wave c which is part of a Bearish Zig Zag leg. Based on Elliott wave analysis, the upcoming bearish wave c is going to be just a pull back in price action. So, after bearish wave c leg, I expect the market to resume an up-trend after completing bearish wave c pattern.
Currently, bearish Zig Zag leg looks in-complete. So, first wait outside of the market and allow price action to drop more and print bearish wave c. Next, look for a possible buy trading chance to join an up-trend. However; if the price of GBP/JPY currency pair breaks below 146.10 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade the Forex market and re-do the GBP/JPY Forecast today in fifteen minutes chart.
Now, at this point; I must acknowledge that the trend is also bullish in higher time frame of GBP/JPY currency pair.
Below is the 4 hours chart of GBP/JPY pair with GBP/JPY Forecast today which shows us a big picture and a nice up trend as well.
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To me; price has printed a Bullish Triple Zig Zag Elliott Wave pattern in 4 hours chart. Now, market is moving up to complete the last and final bullish leg – Wave (Z). Bullish Wave (Z) is most likely going to be an Ending Diagonal pattern. Within an ending diagonal, all sub-waves must sub-divides into a Zig Zag pattern.
The following Elliott Wave Zig Zag pattern diagram shows us a completed bullish A, B and C Zig Zag wave within the context of Elliott wave principle.
Based on my GBP/JPY Forecast today, we have got an incomplete Bullish wave (Z) leg in GBP/JPY currency pair, 4 hours time frame. Now, price is probably going to rise up more to complete the bullish wave (Z) leg.
To me; the current bearish decline in price action is just a bearish pull back as mentioned above as a Bearish Zig Zag in fifteen minutes chart of GBP/JPY pair. Strong key support level is present at 145.11 in GBP/JPY four hours chart.
So, I expect market to rise up more now to complete the bullish wave (Z) leg. So, in my opinion market is going to resume an up trend in GBP/JPY currency pair, time frame is 4 hours chart.
However; price should stays above 145.11 support area in 4 hours time frame to keep the up trend alive. A clear break down in price action below 145.11 vital support area will end the up trend and in such a market scenario, it would be best not to trade the market and re-analyze the GBP/JPY 4 hours chart.
Based on GBP/JPY Forecast today the trend is up in 4 hours chart and a good idea is to look for a buy trade around 146.95 price area, as price is going to rise towards 148.05 but a clear break down in price action below 145.11 vital support area will end the up trend. On a short term basis, it is again a bullish trend in GBP/JPY 15 minutes time frame and a good idea is to take a Buy trade around 146.35 price level and price is probably going to rise up towards 147.65 area. However; if the price of GBP/JPY currency pair breaks below 146.10 vital support level then bullish trend is going to end. Forex traders who don’t have a broker yet or wish to go with a broker that works well then click here.
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