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The bearish trend is present in GBP/JPY currency pair, 15 minutes time frame based on GBP/JPY Elliott Wave Forecast. As I have forecasted few hours ago, the price of GBP/JPY pair is going to drop up now on a short-term basis to prints a Bearish Impulse 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 has descended.
Strong key resistance level is present at 143.32 price area which is the termination point of bullish wave iv leg. In my judgment, price action in GBP/JPY currency pair is now falling down to print a Bearish Wave v Impulse pattern. So, market is going to remain bearish to complete the Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bearish price action is the Bearish Impulse Wave which is part of a higher degree bearish wave a Elliott wave leg.
Currently, Bearish Impulse Elliott wave pattern looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 142.60 price area.
However; if the price of GBP/JPY currency pair breaks above 143.32 vital resistance level then down 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 Elliott wave analysis in fifteen minutes chart.
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Now, at this point; I must acknowledge that the trend is also bearish in higher time frame of GBP/JPY currency pair.
Below is the 4 hours chart of GBP/JPY pair with my Elliott wave analysis which shows us a big picture and a well started bearish trend as well.
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To me; price is trying to complete the Bearish Double Zig Zag Elliott wave pattern. Now, market is falling down to complete the bearish Wave a leg. The bearish wave a leg is not the last and final decline as price is going to rise up and down again to complete the Bearish Double Zig Zag leg. Within the Bearish Wave a pattern, all sub-waves must sub-divides into 1, 2, 3, 4 and 5 waves impulse pattern
The following Elliott Wave Double Zig Zag pattern diagram shows us a completed Bearish Double Zig Zag leg within the frame work of Elliott wave principle.
Based on my GBP/JPY Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bearish Double Zig Zag. Now, price is probably going to falls more lower to complete the bearish wave a leg. To me; in fifteen minutes chart of GBP/JPY currency pair the bullish leg wave iv in price action was just a pull back in a down trend as mentioned above as a bullish Zig Zag leg inside a price chart.
Strong key resistance level is present at 144.00 in GBP/JPY four hours chart. So, I expect market to falls down more now to complete the bearish wave a. Next, expects a bullish wave b leg as well. So, in my opinion market is going to remain sideways and then resume the down trend in GBP/JPY currency pair, in 4 hours chart.
However; price should stays below 144.00 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 144.00 resistance area will end the down trend and in such a market scenario, it would be best not to trade the market and re-analyze GBP/JPY 4 hours chart.
Based on GBP/JPY Elliott Wave Forecast the trend is down in 4 hours chart and a good idea is to look for a sell trade around 142.66 price area, as price is going to drop more towards 140.85 but a clear bullish break out in price action above 144.00 vital resistance area will end the down trend. On a short term basis, it is again a bearish trend in GBP/JPY 15 minutes time frame and a good idea is to take a sell trade around 142.60 price level and price is probably going to drop towards 142.30 price level. However; if the price of GBP/JPY currency pair breaks above 143.32 vital resistance level then bearish 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.
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I use Elliott wave pattern a lot on all currency pairs. This article just confirm it