"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 4 hours The Biggest Winners Of Q2 Earnings Season
  • 1 day Experts Suggest A Gold Shortage May Be Looming
  • 2 days The World Is Drowning In $247 Trillion Debt
  • 2 days Tightening Immigration Policy Could Hurt The Tech Sector
  • 2 days The First Bitcoin ETF Might Be Just Months Away
  • 2 days U.S. Rent Costs Hit All-Time High
  • 2 days European Allies Plan To Continue Trade With Iran
  • 2 days Bitcoin Bounces Off Key Resistance Level
  • 3 days These 3 Industries Are Immune To The Trade War
  • 3 days Is This The Answer To The Looming U.S. Healthcare Crisis?
  • 3 days UK Regulators Hit Facebook With £500,000 Fine
  • 3 days Tesla’s U.S. Tax Credit Coming To An End
  • 3 days Ex-Goldman Banker Caught In A Billion Dollar Fraud Scandal
  • 3 days Investors React To Escalating Trade War Drama
  • 3 days The Three Horsemen Of The Bitcoin Apocalypse
  • 4 days 10 Countries Feeling The Heat As The Trade War Escalates
  • 4 days The Exorbitant Cost Of Getting Ahead In Life
  • 4 days $1,000 Investment Bible Leaked For $10
  • 4 days The U.S.-Chinese Race To End All Privacy
  • 4 days Gold And Silver Struggle As Sentiment Shifts
Life Returns To S&P 500 Ahead Of Earnings Report

Life Returns To S&P 500 Ahead Of Earnings Report

It’s earnings season again and…

The 5 Worst S&P 500 Performers Of The Year

The 5 Worst S&P 500 Performers Of The Year

There are several reasons why…

Investors React To Escalating Trade War Drama

Investors React To Escalating Trade War Drama

Stock markets gained a bit…

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to…

Contact Author

GBPJPY Elliott Wave View: More Downside

Short Term Elliott Wave view in GBPJPY suggests the decline from 5/10 peak is unfolding as a double three Elliott Wave structure where Minor wave W ended at 143.33 and Minor wave X ended at 145.45. The subdivision of Minor wave W unfolded as a zigzag Elliott Wave structure where Minute wave ((a)) ended at 145.61 and Minute wave ((b)) ended at 147.12. After ending Minor wave X at 145.45, pair has since resumed lower and broken below 143.33. This creates a bearish 5 swing incomplete sequence from 5/10 peak and favors more downside in the near term.

The decline from 145.45 looks to be unfolding as a zigzag Elliott Wave structure where Minute wave ((a)) ended at 142.11 and Minute wave ((b)) ended at 143.08. Pair has also broken below 142.11 which suggests that Minute wave ((c)) lower has already started. Near term, while bounces stay below 143.08 in the first degree, but more importantly below 5/25 high (145.45), expect pair to continue lower towards 139.51 – 140.65 area before cycle from 5/10 peak ends. Buyers should then appear from the aforementioned area for at least a 3 waves bounce at later stage. In case pair breaks above 143.08 now, then the move from 5/26 low can be labelled as a Flat and pair should extend higher to correct cycle down from 5/25 high (145.45) but it still expected to turn lower again afterwards provided that pivot at 145.45 high stays intact.

GBPJPY 1 Hour Elliott Wave Chart

(Click to enlarge)

Back to homepage

Leave a comment

Leave a comment