• 102 days Will The ECB Continue To Hike Rates?
  • 102 days Forbes: Aramco Remains Largest Company In The Middle East
  • 104 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 504 days Could Crypto Overtake Traditional Investment?
  • 508 days Americans Still Quitting Jobs At Record Pace
  • 510 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 513 days Is The Dollar Too Strong?
  • 514 days Big Tech Disappoints Investors on Earnings Calls
  • 515 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 516 days China Is Quietly Trying To Distance Itself From Russia
  • 517 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 521 days Crypto Investors Won Big In 2021
  • 521 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 522 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 524 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 524 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 528 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 528 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 528 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 531 days Are NFTs About To Take Over Gaming?
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

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 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