• 799 days Will The ECB Continue To Hike Rates?
  • 799 days Forbes: Aramco Remains Largest Company In The Middle East
  • 801 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,201 days Could Crypto Overtake Traditional Investment?
  • 1,206 days Americans Still Quitting Jobs At Record Pace
  • 1,208 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,211 days Is The Dollar Too Strong?
  • 1,211 days Big Tech Disappoints Investors on Earnings Calls
  • 1,212 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,214 days China Is Quietly Trying To Distance Itself From Russia
  • 1,214 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,218 days Crypto Investors Won Big In 2021
  • 1,218 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,219 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,221 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,222 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,225 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,226 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,226 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,228 days Are NFTs About To Take Over Gaming?
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 Analysis: Extension Lower

Short term GBPJPY Elliott Wave view suggests the decline from 5/10 high shows a 5 swing sequence, thus favoring more downside. Decline from 5/10 high is unfolding as a double three Elliott Wave structure. Down from 5/10 peak (148.11), Minor wave W ended at 141.47 and Minor wave X ended at 143.96. Minor wave Y is currently in progress and has scope to retest 4/16 low (135.58). Support can be seen at 135.7 – 137.3 area for at least 3 waves bounce.

Subdivision of Minor wave Y is proposed to be unfolding as a triple three Elliott Wave structure. Down from 6/1 peak (143.96), Minute wave ((w)) ended at 140.68, Minute wave ((x)) ended at 142.77, Minute wave ((y)) ended at 139.52 and Minute second wave ((x)) ended at 141.11. Near term, while Minutte wave (x) bounce stays below 141.11, and more importantly below 143.95, expect pair to extend lower. We don’t like buying the proposed bounce.

GBPJPY 1 Hour Elliott Wave Chart

Back to homepage

Leave a comment

Leave a comment