Estimated reading time: 4 minutes
The bullish 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 rise up now on a short-term basis to prints a Bullish Impulse Elliott Wave pattern wave (iii) and traders should look for a buy trade. So, all those Forex traders who have followed my analysis have made the right decision as price has ascended.
Strong key support level is present at 154.42 price area which is the termination point of corrective bearish Zig Zag wave (ii) leg. In my judgment, price action in GBP/JPY currency pair is first going to move sideways and then rise up to prints a Bullish Impulse wave (iii) leg. So, market is going to rise up more now to complete the Bullish Impulse Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Impulse leg which is part of a higher degree Bullish Impulse Elliott wave pattern wave 3 leg.
Currently, Bullish Impulse Elliott wave pattern looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 155.04 price area. However; if the price of GBP/JPY currency pair breaks below 154.42 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 Elliott wave analysis 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 my Elliott wave analysis which shows us a big picture and a well started bullish trend as well.
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To me; price is trying to complete the Bullish Impulse Elliott wave pattern. Now, market is moving up to complete the bullish wave 3 impulse wave leg. The bullish wave 3 leg is not the last and final rise as price is going to move up and drop, few more times. Within the Bullish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5, 3 and 5 waves structure pattern.
The following Elliott Wave Bullish Impulse pattern diagram shows us a completed Bullish Impulse wave 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 Bullish Impulse Elliott wave pattern. Now, price is probably going to rise up to complete the Bullish Impulse wave pattern 3. To me; in fifteen minutes chart of GBP/JPY currency pair the bearish leg in price action is just a pull back in an up trend as mentioned above as Bearish Zig Zag Pattern corrective leg in a 15 minutes price chart.
Strong key support level is present at 153.66 in GBP/JPY four hours chart. So, I expect market to rise up more now to complete the Bullish Impulse wave 3 leg. So, in my opinion market is going to remain sideways a little bit and then resumes an up trend in GBP/JPY currency pair, in 4 hours chart. However; price should stays above 153.66 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 153.66 support area will end an up 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 up in 4 hours chart and a good idea is to look for a buy trade around 155.15 price area, as price is going to rise up towards 156.35 but a clear bearish break down in price action below 153.66 vital support area will end an up trend. On a short term basis, it is a bullish trend in GBP/JPY 15 minutes time frame and a good idea is to take a buy trade around 155.04 price level and price is probably going to rise towards 156.20 price level. However; if the price of GBP/JPY currency pair breaks below 154.42 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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