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.
If you are a trader who prefer to use robots and EAs to automate your trades and make them very profitable for you or require very good forex/stock training resources, please check this page.
Now, at this point; I must acknowledge that the trend is also bullish in higher time frame of GBP/JPY currency pair.
NB: Interested In Mining Bitcoin And Other Cryptocurrencies for Profit? Now, You Can Mine Better, Faster and Smarter for More Profits With The Ready to Use, "High Performance", and Approved IQ Mining BTC Cloud Service For Miners. With This Mining Service, You Will Get Up to 128% Yearly ROI from Mining Bitcoins Alone Without Having to Buy Any Expensive Mining Hardwares and Softwares! Not Only That, You Will Get Your First Payout In First Few Hours After Buying a Plan With IQ Mining. You’re Also Given a Dedicated Account Manager After You Buy A Plan Who Will Help You With the Best Pool Allocations and Account Setup Plans To Get the Most Out of Your Purchase.
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.
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. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rate.
Help Us Fight Scams. Please Donate to Support Our Work. No Amount is too Little or too Big. Thank You..
February 8, 2019 By Ghazanfar
The phrase ‘Necessity is the mother of invention’ seems true for Iran. This is because Iran has unveiled its own...
February 8, 2019 By Ghazanfar
In spite of long bear market, Bitcoin transactions per day are increasing. Today the level of these transactions has touched...
February 4, 2019 By Ghazanfar
Although bear market in crypto world is extending, yet many fiat currencies are facing the threat of destabilization. This is...
February 4, 2019 By Ghazanfar
In spite of mix signals from the cryptocurrency world about the future of cryptocurrencies, many countries are planning to test...
February 3, 2019 By Ghazanfar
The idea of Bitcoin adoption as an international currency is not at all new. Over the years, many financial experts...
February 2, 2019 By Ghazanfar
Bitcoin’s entry into the longest ever bear market in history is one of the most burning issues of today. The...
Valforex.com cannot be held liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Both Forex and Binary options involve high-risk and are not suitable for all investors. Either Forex or Binary options may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity… Read More