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Based on technical analysis GBP/JPY Elliott Wave Weekly Forecast, the bearish trend is present in GBP/JPY currency pair. I am talking about 4 hours time frame based on GBP/JPY Elliott Wave Weekly Forecast. As I have forecasted few hours ago, price of GBP/JPY pair is going to drop now to prints a Bearish Impulse wave. So, traders should look for a sell trade. So, all those Forex traders who have followed my Elliott wave forecast have made the right decision as price has descended.
Strong key resistance level is present at 142.61 price area which is the termination point of Bearish impulse wave 1 leg. In my judgment, price action in GBP/JPY currency pair is now going to move higher. It will try to complete a Bullish Zig Zag corrective wave pattern – wave 4 and then starts the decline. So, market is going to remain bullish on a short term basis. Next, expects a short term top in price action as well. Based on Elliott wave forecast, current Bearish trend is part of a Bullish Zig Zag. It is called corrective Elliott wave pattern, wave B leg in higher time frame.
Currently, Bullish corrective Elliott wave pattern, wave 4 leg looks in-complete. So, a good idea is to wait for the price action to complete bullish wave 4 leg. Next, look for a possible sell trading chance to join down trend around 138.27 price area. However; if price of GBP/JPY currency pair breaks above 142.61 vital resistance level then down trend is going to end. In such a market scenario, it would be best not to trade market and re-do GBP/JPY Elliott wave analysis in four hours chart.
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Now, at this point; I must acknowledge that the trend actually 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.
To me; price is printing Bearish corrective wave (B) leg which is going to complete soon. So, now expect price action in GBP/JPY currency pair to drop more to complete Bearish Zig Zag wave (B) correction, based on Elliott wave analysis. So, now market is falling down to complete the Bearish corrective Zig Zag wave pattern. Next, price is going to prints a long term bottom as well and then starts the rise to prints Bullish Impulse wave (C) leg. Within the Bullish Corrective Zig Zag Elliott wave pattern, all sub-waves must sub-divides into 5, 3 and 5 waves pattern.
The following Elliott Wave Bullish Zig Zag wave diagram shows us a completed Bullish Zig Zag corrective pattern within the frame work of Elliott wave principle.
The bullish Zig Zag 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 highs (rises) and lows (retracements). Bullish Zig Zag Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Zig Zag Elliott wave pattern looks like. If a trader knows what a bullish Zig Zag 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 Zig Zag consists of two Impulse Elliott wave patterns, joined by a B wave. We use A English alphabet to label first impulse Zig Zag wave leg and we use C English alphabet to label second Impulse Zig Zag wave leg. Please take a note that Bullish Zig Zag pattern is a corrective Elliott wave pattern which appears at a pull back in a main down market trend.
Based on GBP/JPY technical analysis using daily chart, we have got an in-complete Bullish Zig Zag wave (B) leg. So, market is going to first drop to complete wave (B). Next, expect a rise in price action to prints bullish Impulse wave (C) pattern. However; it is possible if market breaks below green colour support line then forecast will become in-valid. Now, price action is probably going to move sideways. Next, expect a drop in price action to complete a Bearish Zig Zag corrective wave (B). To me; in four hours chart of GBP/JPY bearish waves 1, 2, 3, 4 and 5 leg appeared. It is a bearish Impulse wave Elliott wave wave pattern which is part of a higher degree wave (B) corrective pattern in daily chart is just a bearish leg in an up trend as mentioned above as Bearish Impulse wave leg inside a 4 hours chart.
Strong key support level is present at 126.52 price area in GBP/JPY daily chart. So, I expect market to first move lower for next coming trading days and then may be starts the rise. So, in my opinion market is going to remain bullish overall. On a medium to long term basis, expects a sideways to bullish leg in market. Next, market is probably going to resume Bullish 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 126.52 support area in daily time frame to keep up trend alive. A clear bearish break down in price action below 126.52 support area will end an up trend. It will also fail bullish Elliott Wave Weekly Forecast as well. In such a market scenario, it would be best not to trade market and re-analyze GBP/JPY daily chart.
Based on GBP/JPY Elliott Wave Weekly Forecast the trend is up in daily chart. A good idea is to look for a buy trade around 132.25 price area. Price action is going to rise up towards 149.00. A clear bearish break down in price action below 126.52 vital support area will end up trend. On a medium term basis, it is a bearish trend in GBP/JPY 4 hours. A good idea is to take a sell trade around 138.27 price level. Price is probably going to fall lower towards 132.15 price level. However; if the price of GBP/JPY currency pair breaks above 142.61 vital resistance level then bearish 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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