×
The bearish 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 drop now on a short-term basis to prints a Bearish Double Zig Zag Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my analysis have made the right decision as price has descended.
Strong key resistance level is present at 150.21 price area which is the originating point of bullish wave b leg. In my judgment, price action in GBP/JPY currency pair is now falling down to prints a Bearish Impulse wave c leg. So, market is going to drop more now to complete the Bearish Double Zig Zag corrective Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bearish price action is the Bearish Double Zig Zag leg which is part of a higher degree bearish Double Zig Zag corrective wave 4 Elliott wave pattern.
Currently, Bearish Wave c Elliott wave pattern looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 149.22 price area. However; if the price of GBP/JPY currency pair breaks above 150.21 vital resistance 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.
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 actually bullish in higher time frame of GBP/JPY currency pair.
Below is the 4 hours chart of GBP/JPY currency pair with my Elliott wave analysis 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 is trying to complete the Bearish Double Zig Zag corrective Elliott wave pattern. Now, market is falling down to complete the bearish corrective wave 4 leg. The bearish wave 4 leg is the last and final decline as price is going to rise up after that to complete the Bullish Impulse wave 5 leg. 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 Impulse Bullish wave leg within the frame work of Elliott wave principle.
Based on my GBP/JPY Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bullish Impulse wave Elliott pattern. Now, price is probably going to first drop more and then 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 is just a pull back in an up trend as mentioned above as a bearish Double Zig Zag corrective wave pattern in a 15 minutes price chart.
Strong key support level is present at 148.34 in GBP/JPY four hours chart. So, I expect market to rise up more now to complete the Bullish Impulse 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 148.34 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 148.34 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.
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 149.15 price area, as price is going to rise up towards 153.35 but a clear bearish break down in price action below 148.34 vital support area will end an up trend. On a short term basis, it is a bearish trend in GBP/JPY 15 minutes time frame and a good idea is to take a sell trade around 149.22 price level and price is probably going to drop towards 149.05 price level. However; if the price of GBP/JPY currency pair breaks above 150.21 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.
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.
very useful