Menu

GBP/JPY Elliott Wave Long Term Forecast: 4th December to 18th December 2018

GBP/JPY Elliott Wave Long Term Forecast: 4th December to 18th December 2018

Share This!

GBP/JPY Elliott Wave Long Term Forecast

GBP/JPY Elliott Wave Long Term Forecast in 4 hours chart

Based on technical analysis the bullish trend is present in GBP/JPY currency pair, 4 hours time frame based on GBP/JPY Elliott Wave Long Term Forecast. As I have forecasted few hours ago, the price of GBP/JPY pair is going to rise now to prints a Bullish Impulse Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my Elliott wave forecast have made the right decision as price has ascended.

If you are interested in the best Forex VPS hosting services then check out the link here.

Strong key support level is present at 143.19 price area which is near the originating point of Bullish Impulse wave i leg. In my judgment, price action in GBP/JPY currency pair is now to going to rise up more to complete a bullish Impulse leg – wave iii. So, market is going to remain bullish on a medium term basis. Next, expects a short term top in price action as well. Based on Elliott wave forecast, the current Bullish trend is part of a Bullish Impulse Elliott Wave pattern, wave 3 leg in higher time frame.

Currently, Bullish impulse Elliott wave pattern wave iii looks in-complete. So, a good idea is first wait for the market to move sideways and then look for a possible buy trading chance to join the up trend around 144.95 price area. However; if the price of GBP/JPY currency pair breaks below 143.19 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 four hours chart.

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. Click the Banner Below To Register Now:

Iq-mining-profitable btc mining service

Note: If your language is not English, you should use the language dropdown menu at the top of their page to select your language.

GBP/JPY Elliott Wave Long Term Forecast in daily chart

Below is the daily chart of GBP/JPY pair with my Elliott wave forecast which shows us a big picture and a well started bullish trend as well.

GBP/JPY Elliott Wave Long Term Forecast

To me; price has printed Bearish corrective wave 2 leg. Now, price action is going to rise up to complete the Bullish Impulse wave 3 pattern. So, now market is moving up on a long term basis to complete the Bullish Impulse wave 3 leg. The Bullish Impulse wave 3 leg is the not the last and final rise and price is going to prints a short term top after that. Within the Bullish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5 3 and 5 waves pattern.

Now, there may be some Forex traders who are interested to use Forex robots or need Forex training education then click here.

The following Elliott Wave Bullish Impulse pattern diagram shows us a completed Bullish Impulse Wave pattern within the frame work of Elliott wave principle.

Bullish Impulse pattern

The Bullish Impulse Wave pattern of the Elliott wave principle shows that how price action does not moves in a straight line fashion but in a series of higher swing highs and higher swing lows. Bullish Impulse Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Impulse Elliott wave pattern looks like. If a trader knows what a Bullish Impulse Wave pattern looks like, then it would become much easy for a currency trader to actually analyze the Forex charts and make a trading decision as well.

A Bullish Impulse Wave consists of total five waves. Three bullish leg in the favour of an up trend and two bearish corrective Elliott wave patterns, against the upward market trend. We use numbers to label impulse wave 1, 2, 3, 4 and 5 and inside wave 2 and 4, we use English alphabets to label corrective wave structures. Please take a note that Bullish Impulse Wave pattern is a motive Elliott wave pattern which appears at a trending market environment and moves in the favour of larger upward market trend.

Based on my GBP/JPY technical analysis using Elliott Wave in daily chart, we have got a completed Bullish corrective wave 2 leg and price action is now rising up to prints bullish wave 3 impulse leg. However; it is possible if price breaks below green colour support line then forecast will become in-valid. Now, price action is probably going to move sideways and then rise up more to prints a Bullish Impulse wave 3 leg. To me; in four hours chart of GBP/JPY currency pair the bearish leg – Bearish Zig Zag corrective wave pattern which is part of a higher degree wave 3 in daily chart is just a bearish pull back in an up trend leg as mentioned above as wave 3 Impulse wave pattern inside a daily price chart.

Strong key support level is present at 142.75 price area in GBP/JPY daily chart. So, I expect market to first move sideways for next coming trading days and then may be starts the rise. So, in my opinion market is going to remain bullish overall and on a medium to long term basis, expects a sideways leg in market. Next, market is probably going to resume an up trend after that in GBP/JPY currency pair, in daily chart.

Now, when an existing Bullish Elliott Wave Long Term Forecast in GBP/JPY is going to fail?

Well, the forecast is good for about next two weeks time and price should stays above 142.75 support area in daily time frame to keep the up trend alive. A clear bearish down in price action below 142.75 support area will end the up trend and bullish Elliott Wave Long Term Forecast; in such a market scenario, it would be best not to trade the market and re-analyze GBP/JPY daily chart.

Summary

Based on GBP/JPY Elliott Wave Long Term Forecast the trend is up in daily chart and a good idea is to look for a buy trade around 145.05 price area, as price is going to rise more towards 156.95 but a clear bearish break down in price action below 142.75 vital support area will end the up trend. On a medium term basis, it is a bullish trend in GBP/JPY 4 hours time frame and a good idea is to take a buy trade around 144.95 price level and price is probably going to rise up towards 149.75 price level. However; if the price of GBP/JPY currency pair breaks below 143.19 vital support level then bullish trend is going to end.

If You'd Like to Get Notified When This Blog is Updated, Subscribe Below...

About Muhammad Azeem

In year 2012, Mr. Azeem passed Certified Elliott Wave Analyst Level 1 Exam with 93% score. Trading Style and Methodology: Mr. Azeem is a pure technician and he solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

NordFx_RAMM_Valfx




Binary Option Scams, Warnings, Reviews & Updates...

Daxrobot trading software

Popular Articles

Follow Us

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

Show Buttons
Hide Buttons