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GBP/JPY Elliott Wave Forecast 20th March, 2018

GBP/JPY Elliott Wave Forecast 20th March, 2018

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GBP/JPY Elliott Wave Forecast

GBP/JPY Elliott Wave Forecast in 15 Minutes chart

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 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 148.38 price area which is the termination point of bearish wave iv corrective leg. In my judgment, price action in GBP/JPY currency pair is now rising up to prints a Bullish Impulse v leg. So, market is going to remain bullish on a short term basis. Next, expect a top and a drop as well. Based on Elliott wave analysis, the current bullish price action is the Bullish Impulse wave pattern which is part of a higher degree corrective Bullish Double Zig Zag Elliott Wave pattern – wave 2 leg.

Currently, Bullish Elliott wave pattern wave v looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 149.27 price area. However; if the price of GBP/JPY currency pair breaks below 148.38 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.

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Now, at this point; I must acknowledge that the trend is actually bearish in higher time frame of GBP/JPY currency pair.

GBP/JPY Elliott Wave Forecast in 4 Hours chart

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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GBP/JPY Elliott Wave Forecast

To me; price is trying to complete the Bullish Double Zig Zag corrective pattern. Now, market is moving up to complete the corrective wave 2 leg. The bullish wave 2 leg is the last and final rise and price is going to start the decline and prints a possible bearish Impulse Wave 3 leg. Within the Bullish Double Zig Zag corrective pattern, all sub-waves must sub-divides into a corrective 3, and 3 waves pattern.

The following Elliott Wave Bullish Double Zig Zag corrective pattern diagram shows us a completed Bullish Double Zig Zag pattern within the frame work of Elliott wave principle.

Bullish Double Zig Zag
Based on my GBP/JPY Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bullish Double Zig Zag corrective pattern at wave 2 location. Now, price is probably going to move sideways to up and then falls down to start printing the Bearish impulse wave 3 leg. To me; in fifteen minutes chart of GBP/JPY currency pair the bullish leg in price action is just a pull back in a down trend as mentioned above as Bullish Impulse wave leg inside a 15 minutes price chart.

Strong key resistance level is present at 156.59 in GBP/JPY four hours chart. So, I expect market to first rise up to print bullish corrective wave Y leg and then falls down to complete the wave 3 Bearish Impulse Wave pattern. 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 156.59 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 156.59 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.

Summary

 

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 152.65 price area, as price is going to drop more towards 144.65 but a clear bullish break out in price action above 156.59 vital resistance area will end the down 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 149.27 price level and price is probably going to rise up towards 149.95 price level. However; if the price of GBP/JPY currency pair breaks below 148.38 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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