Based on technical analysis GBP/JPY Elliott Wave Weekly Forecast, the bearish 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 drop now to prints a Bearish Impulse Elliott wave pattern and 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 134.94 price area which is the termination point of Bearish impulse wave i leg. In my judgment, price action in GBP/JPY currency pair is now going to move sideways to complete a Bearish Impulse wave pattern – wave iii. So, market is going to remain bearish on a medium term basis. Next, expects a short term bottom in price action as well. Based on Elliott wave forecast, the current Bearish trend is part of a Bearish impulse Elliott wave pattern, wave 3 leg in higher time frame.
Currently, Bearish Impulse Elliott wave pattern, wave iii leg looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 132.32 price area. However; if the price of GBP/JPY currency pair breaks above 134.94 vital resistance level then down 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 also bearish 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 bearish trend as well.
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To me; price has printed Bearish impulse wave 3 leg. So, now expect price action in GBP/JPY currency pair to drop more, based on Elliott wave analysis. So, now market is moving down to complete the Bearish Impulse wave 3 leg. Next, price is going to prints a short term bottom as well. 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 Bearish impulse wave 3 leg. So, market is going to drop more to prints bearish wave 3 impulse leg. 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 3 leg. To me; in four hours chart of GBP/JPY currency pair the bullish wave iv leg – Bullish Zig Zag corrective Elliott wave wave pattern which is part of a higher degree wave 3 impulse leg in daily chart is just a bullish leg in a down trend as mentioned above as wave iv corrective wave pattern 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 131.33 price area, as price action is going to drop lower more towards 129.25 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 bearish trend in GBP/JPY 4 hours time frame and a good idea is to take a sell trade around 132.32 price level and price is probably going to drop lower towards 130.44 price level. However; if the price of GBP/JPY currency pair breaks above 134.94 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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