• 484 days Will The ECB Continue To Hike Rates?
  • 484 days Forbes: Aramco Remains Largest Company In The Middle East
  • 486 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 886 days Could Crypto Overtake Traditional Investment?
  • 891 days Americans Still Quitting Jobs At Record Pace
  • 892 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 896 days Is The Dollar Too Strong?
  • 896 days Big Tech Disappoints Investors on Earnings Calls
  • 897 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 898 days China Is Quietly Trying To Distance Itself From Russia
  • 899 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 903 days Crypto Investors Won Big In 2021
  • 903 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 904 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 906 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 906 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 910 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 911 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 911 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 913 days Are NFTs About To Take Over Gaming?
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

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: Downside Has Resumed

Short Term GBPJPY Elliott Wave view 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, Minute wave ((b)) ended at 147.12, and Minute wave ((c)) of W ended at 143.33. 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.

GBPJPY Elliott Wave structure of the decline from 145.45 looks to be in a zigzag where Minute wave ((a)) ended at 142.11 and Minute wave ((b)) is proposed complete at 143.09 as a Flat Elliott Wave structure. Pair has broken below 141.81 irregular Minutte wave (b) which suggests that Minute wave ((c)) lower has already started. Near term, while bounces stay below 143.09 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 an extension higher or at least a 3 waves bounce. We do not like selling the proposed move to the downside.

GBPJPY Elliott Wave 1 Hour Chart

Back to homepage

Leave a comment

Leave a comment