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.
Strong key support level is present at 144.37 price area which is the termination 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 147.90 price area. However; if the price of GBP/JPY currency pair breaks below 144.37 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 is also bullish in higher time frame of GBP/JPY currency pair.
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.
👉 Are you looking for a Forex Robot that offers realistic returns even when the markets are volatile or down? Golden Pickaxe is the BEST Forex robot using low risk and EARNING a whopping 47.93% monthly profit margin. You get a robot offering the best in terms of safety and guaranteed profits no matter the risks. A gold-driven EA robot, the robot was created and developed over ten years. It has the pedigree to offer gold traders a profitable all-year-long profit regardless of market conditions. We have tested the platform, and it has seen remarkable profit margins for the past 15 months. The well-known trader developer (Valeriia), put the robot out there for any trader to confirm its realistic profitability. And the robot was tested and seen to be even better than what we thought was the best, Waka Waka. Golden Pickaxe is now one of the best-proven forex robots that offer profitable outcomes, and all data are third-party verified independently via Myfxbook. The balance volume for Golden Pickaxe is there for anyone to see. And that means you get a transparent Forex robot guaranteeing results. Even when facing drawbacks of 37.47%, the robot balances the profits. With an automated trading robot, you can receive near-perfect signals for trading gold. And that’s what every trader needs when investing in Gold. So what are you waiting for? We have tested the robot and Guarantee it’s a perfect match for you. Start earning realistic profit margins from forex trading with a LOW-RISK thanks to Golden Pickaxe. We have been using it even when the gold market was risky. Thanks to this automated forex robot, you can earn 47.93% ROI or more per month consistently. Complete beginners to Forex can start and immediately start earning a stable and reliable income with it. What's more? You don’t even have to deposit funds with your broker when using the Golden Pickaxe robot. Just register with a Broker such as IC Markets or Coinexx (for US-based traders); there’s no need to deposit your real funds with them. Instead, use the Golden Pickaxe robot to pass a funded account challenge on FTMO. No worries, it’s very easy to pass once you install the EA. Once you pass the challenge, FTMO funds your account with real live funds depending on the challenge you passed, then you can simply carry on trading with the EA on the live account and request payouts monthly whenever you want to withdraw your profits. All challenges and trading are done automatically by the Golden Pickaxe robot, so you don't have to worry. Or... if you don't like the idea of a trading challenge/evaluation, you can simply buy a cheap funded account with prop firms we recommend like FundYourFx, get instant funding of a real account, then start using the robot to trade, profit and make weekly withdrawals, very easy. If you have any questions or want help with the setup, head over to our live chat and ask for Corey Woods. Corey will help you with any issues, problems, or initial setup along the way. Here’s your chance to start trading Gold and earn with an AUTHENTIC, PROVEN, AND SAFE Forex Robot. Sign up today for a chance to get a reliable side income with GOLDEN PICKAXE. Click the button below to buy the EA, then contact me on live chat if you need any help setting up the whole thing.
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.
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 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.
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 1.0005 price area, as price is going to rise more towards 1.0405 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 147.90 price level and price is probably going to rise up towards 0.9999 price level. However; if the price of GBP/JPY currency pair breaks below 144.37 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.
Valforex.com will not be 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. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, 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. All trademarks, images and logos that appear on this site are copyrights of their respective owners and have been used under the Act of Fair Use.