• 16 hours Is This The Big Biotech Bust?
  • 22 hours Funding Is The Biggest Hurdle For Clean Energy
  • 2 days Walmart Reaches Out To Chilean Government For Protection
  • 2 days The Most Exciting Gold Find Of The Decade
  • 2 days Mining Boom Sparks Deforestation Concerns
  • 3 days The Cannabis Culling Has Wall Street Disappointed
  • 3 days Vigilante Offers $100,000 Bounty To Hack Banks
  • 4 days The Dairy Industry Is Dying
  • 4 days The Most Impressive Electric Vehicle Of The Year
  • 5 days Gold Miners Are Having A Stellar Second Half
  • 6 days How 3D Printing Is Turning Each And Every Industry On Its Head
  • 6 days Is The $3.5 Trillion Healthcare Industry About To Get Much More Transparent?
  • 7 days Gamblers Are Betting Big On Trump’s Impeachment
  • 7 days Even Banks Can't Answer Aramco's Trillion Dollar Question
  • 8 days Will Bezos Buy The Seattle Seahawks?
  • 8 days 6 Tech Trends Transforming The Travel Industry
  • 9 days Ousted Uber CEO Cashes Out $500 Million In Stock
  • 9 days Trump Prepares For Another Key Tariff Decision
  • 9 days The Free Money Bubble Is About To Burst
  • 10 days The Crushing Reality Of Poverty In America
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

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

  1. Home
  2. Markets
  3. Other

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