Short term Elliott Wave sequence in GBP/JPY calling further upside [Video]
|Short Term Elliott Wave in GBPJPY shows a bullish sequence from 8.5.2024 low, favoring further upside. Rally from 8.5.2024 low is unfolding as a 5 waves impulse. Wave (1) higher ended at 192.01. Pullback in wave (2) unfolded as a zigzag Elliott Wave structure like the 1 hour chart below shows. Down from wave (1), wave A ended at 190.34 and rally in wave B ended at 191.625. Wave C lower ended at 188.19 which completed wave (2) in higher degree. The pair extended higher in wave (3). Up from wave (2), wave ((i)) ended at 190.76 and dips in wave ((ii)) ended at 188.89. Wave ((iii)) higher ended at 191.47 and wave ((iv)) ended at 189.42. Final leg wave ((v)) ended at 192 which completed wave 1 in higher degree.
Pullback in wave 2 ended at 189.46 with internal subdivision as expanded flat. Up from there, wave 3 is in progress as an impulse. Wave ((i)) of 3 ended at 191.92 and wave ((ii)) of 3 ended at 190.18. Pair is nesting higher in wave ((iii)) with wave (i) ended at 191.49 and wave (ii) ended at 190.44. Expect wave (iii) to end soon, followed by wave (iv) pullback before it resumes higher again. Near term, as far as pivot at 188.19 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
GBP/JPY 60 minutes Elliott Wave chart
GBP/JPY Elliott Wave video
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.