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 Zig Zag 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 126.65 price area which is the termination point of Bearish Zig Zag wave b leg. In my judgment, price action in GBP/JPY currency pair is now going to move higher to complete a Bullish Zig Zag corrective wave pattern – wave c. So, market is going to remain bullish on a medium term basis. Next, expects a long term top in price action as well. Based on Elliott wave forecast, the current Bullish trend is part of a Bullish Zig Zag corrective Elliott wave pattern, wave 4 leg in higher time frame.
Currently, Bullish corrective Elliott wave pattern, wave c leg looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 133.01 price area. However; if the price of GBP/JPY currency pair breaks below 126.65 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.
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Now, at this point; I must acknowledge that the trend bearish in higher time frame of GBP/JPY currency pair.
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Below is the daily chart of GBP/JPY pair with my Elliott wave forecast which shows us a big picture and a well started bearish trend as well.
To me; price has printed Bearish impulse wave 3 leg. So, now expect price action in GBP/JPY currency pair to rise up to prints Bullish Zig Zag wave 4 correction, based on Elliott wave analysis. So, now market is moving up to complete the Bullish corrective Zig Zag wave 4 leg. Next, price is going to prints a long term top as well and then starts the decline to prints bearish Impulse wave 5 leg. Within the Bearish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5 3 and 5 waves pattern.
The following Elliott Wave Bearish Impulse wave pattern diagram shows us a completed Bearish Impulse Wave pattern within the frame work of Elliott wave principle.
The Bearish 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 lower swing highs and lower swing lows. Bearish Impulse Elliott wave pattern in a down trending market could be seen inside the above image. The figure shows what a Bearish Impulse Elliott wave pattern looks like. If a trader knows what a Bearish 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 Bearish Impulse Wave consists of total five waves. Three bearish leg in the favour of a down trend and two bullish corrective Elliott wave patterns, against the down ward 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 Bearish 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 Zig Zag wave 4 leg. So, market is going to first rise up more to complete the wave 4 and then drop lower to prints bearish Impulse wave 5 pattern. However; it is possible if price breaks above blue colour resistance line then forecast will become in-valid. Now, price action is probably going to move sideways and then drop more to prints a Bearish Impulse wave 5 leg. To me; in four hours chart of GBP/JPY currency pair the bullish wave a,b and c leg – Bullish Zig Zag corrective Elliott wave wave pattern which is part of a higher degree wave 4 corrective pattern in daily chart is just a bullish leg in a down trend as mentioned above as Bullish Zig Zag wave a, b and c legs inside a 4 hours chart.
Strong key resistance level is present at 143.80 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 decline. So, in my opinion market is going to remain bearish overall and on a medium to long term basis, expects a sideways leg in market. Next, market is probably going to resume the down trend after that in GBP/JPY currency pair, in daily chart.
Now, when an existing Bearish 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 below 143.80 resistance area in daily time frame to keep the down trend alive. A clear bullish break out in price action above 143.80 resistance area will end the down trend and bearish 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 down in daily chart and a good idea is to look for a sell trade around 131.22 price area, as price action is going to drop lower more towards 124.01 but a clear bullish break out in price action above 143.80 vital resistance area will end the down 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 133.01 price level and price is probably going to rise up towards 134.25 price level. However; if the price of GBP/JPY currency pair breaks below 126.65 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.
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