Based on technical analysis GBP/JPY Elliott Wave Weekly Forecast, the bullish trend is present in GBP/JPY currency pair, 4 hours time frame based on GBP/JPY Elliott Wave Weekly Forecast. As I have forecasted few hours ago, the price of GBP/JPY pair is going to rise up 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.
Strong key support level is present at 131.45 price area which is the originating point of Bullish impulse wave i leg. In my judgment, price action in GBP/JPY currency pair is now going to move sideways to complete a Bearish Zig Zag pattern – wave ii. So, market is going to remain bullish on a medium term basis. Next, expects a bullish leg – wave iii after that. 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, Bearish Zig Zag corrective pattern, wave ii leg looks in-complete. So, a good idea is to wait out side of the market and allow the price action to print all the Zig Zag legs. Next, look for a possible buy trading chance to join the up trend around 134.50 price area. However; if the price of GBP/JPY currency pair breaks below 131.45 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.
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 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 the Next Day 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 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.
To me; price has printed Bearish corrective wave 2 leg. So, now expect price action GBP/JPY currency pair to rise up, based on Elliott wave analysis. So, now market is moving up to complete the Bullish Impulse wave 3 leg. Next, price is going to prints a short term top. Within the Bullish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5 3 and 5 waves pattern.
The following Elliott Wave Bullish Impulse pattern diagram shows us a completed Bullish Impulse Wave pattern within the frame work of Elliott wave principle.
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 in-complete Bullish impulse wave 3 leg. So, market is going to rise up more 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 bullish wave iii leg – Bullish impulse wave pattern which is part of a higher degree wave 3 impulse leg in daily chart is just a bullish leg in an up trend as mentioned above as wave 2 impulse wave pattern inside a daily price chart.
Strong key support level is present at 122.36 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 Weekly Forecast in GBP/JPY is going to fail?
Well, the forecast is good for about next two weeks time and price should stays above 122.36 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 122.36 support area will end the up trend and bullish Elliott Wave Weekly Forecast; in such a market scenario, it would be best not to trade the market and re-analyze GBP/JPY daily chart.
Based on GBP/JPY Elliott Wave Weekly Forecast the trend is up in daily chart and a good idea is to look for a buy trade around 138.88 price area, as price action is going to rise up more towards 174.50 but a clear bearish break down in price action below 122.36 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 134.50 price level and price is probably going to rise up towards 148.77 price level. However; if the price of GBP/JPY currency pair breaks below 131.45 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