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GBP/JPY Elliott Wave Forecast 20th March, 2018

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GBP/JPY Elliott Wave Forecast 20th March, 2018

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.

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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.

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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