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GBP/JPY Elliott Wave Forecast 20th October, 2017

GBP/JPY Elliott Wave Forecast 20th October, 2017

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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 Wave pattern wave iii 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 147.90 price area which is the termination point of Bearish wave ii – Bearish Zig Zag. In my judgment, price action in GBP/JPY currency pair is first going to move sideways and then rise up to prints a Bullish Impulse wave iii leg. So, market is going to rise up more now to complete the Bullish Impulse Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Impulse wave leg which is part of a higher degree bullish impulse wave 5 Elliott wave pattern.

Currently, Bullish Impulse Elliott wave pattern looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 149.21 price area. However; if the price of GBP/JPY currency pair breaks below 147.90 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 also bullish in higher time frame of GBP/JPY currency pair.

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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 bullish trend as well.

GBP/JPY Elliott Wave Forecast

To me; price is trying to complete the Bullish Impulse Elliott wave pattern. Now, market is rising up to complete the bullish wave 5 leg. The bullish wave 5 leg is the last and final rise as price is going to drop after that. Within the Bullish Impulse Elliott pattern, all five sub-waves must sub-divides into 5, 3, 5, 3 and 5 waves structure pattern.

The following Elliott Wave Bullish Impulse pattern diagram shows us a completed Bullish Impulse Elliott wave leg within the frame work of Elliott wave principle.

Bullish Impulse Wave

Based on my GBP/JPY Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bullish Impulse Elliott wave pattern. Now, price is probably going to rise up to complete the bullish wave 5 leg. To me; in fifteen minutes chart of GBP/JPY currency pair the bearish leg in price action was just a pull back in an up trend as mentioned above as a Bearish Zig Zag wave ii corrective wave pattern in a 15 minutes price chart.

Strong key support level is present at 145.23 in GBP/JPY four hours chart. So, I expect market to rise up more now to complete the Bullish Impulse wave pattern – wave 5 leg. So, in my opinion market is going to remain sideways a little bit and then resumes an up trend in GBP/JPY currency pair, in 4 hours chart. However; price should stays above 145.23 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 145.23 support area will end an up 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 up in 4 hours chart and a good idea is to look for a buy trade around 149.23 price area, as price is going to rise up towards 153.35 but a clear bearish break down in price action below 145.23 vital support area will end an up 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 149.21 price level and price is probably going to rise towards 149.55 price level. However; if the price of GBP/JPY currency pair breaks below 147.90 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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