Based on technical analysis the bearish trend is present in GBP/JPY currency pair, 4 hours time frame based on GBP/JPY Elliott Wave Long Term Forecast. As I have forecasted few hours ago, the price of GBP/JPY pair is going to drop now to prints a Bearish Impulse Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott wave forecast have made the right decision as price has descended.
Strong key resistance level is present at 142.76 price area which is the termination point of Bearish impulse wave i leg. In my judgment, price action in GBP/JPY currency pair is now going to drop more to complete a bearish Impulse leg – wave iii. So, market is going to remain bearish on a medium term basis. Next, expects a short term bottom in price action as well. Based on Elliott wave forecast, the current Bearish trend is part of a Bearish corrective Elliott Wave pattern, wave 2 leg in higher time frame.
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Currently, Bearish impulse Elliott wave pattern wave iii looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 139.74 price area. However; if the price of GBP/JPY currency pair breaks above 142.76 vital resistance level then down trend is going to end. In such a market scenario, it would be best not to trade the Forex market and re-do the GBP/JPY Elliott wave analysis in four hours chart.
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Now, at this point; I must acknowledge that the trend is bullish in higher time frame of GBP/JPY currency pair.
Below is the daily chart of GBP/JPY pair with my Elliott wave forecast which shows us a big picture and a well started bullish trend as well.
To me; price is still printing Bearish corrective wave 2 leg. So, expect price action GBP/JPY currency pair to drop more, based on Elliott wave analysis. So, now market is moving down to complete the Bearish corrective wave 2 leg. Next, price is going to prints a bottom and then rise up to prints the Bullish Impulse wave 3 leg. Within the Bullish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5 3 and 5 waves pattern.
The following Elliott Wave Bullish Impulse pattern diagram shows us a completed Bullish Impulse Wave pattern within the frame work of Elliott wave principle.
The Bullish Impulse Wave pattern of the Elliott wave principle shows that how price action does not moves in a straight line fashion but in a series of higher swing highs and higher swing lows. Bullish Impulse Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Impulse Elliott wave pattern looks like. If a trader knows what a Bullish Impulse Wave pattern looks like, then it would become much easy for a currency trader to actually analyze the Forex charts and make a trading decision as well.
A Bullish Impulse Wave consists of total five waves. Three bullish leg in the favour of an up trend and two bearish corrective Elliott wave patterns, against the upward market trend. We use numbers to label impulse wave 1, 2, 3, 4 and 5 and inside wave 2 and 4, we use English alphabets to label corrective wave structures. Please take a note that Bullish Impulse Wave pattern is a motive Elliott wave pattern which appears at a trending market environment and moves in the favour of larger upward market trend.
Based on my GBP/JPY technical analysis using Elliott Wave in daily chart, we have got a in-complete Bullish corrective wave 2 leg. So, market is going to dro p more first and then price action is going to rise up to prints bullish wave 3 impulse leg. However; it is possible if price breaks below green colour support line then forecast will become in-valid. Now, price action is probably going to move sideways and then rise up more to prints a Bullish Impulse wave 3 leg. To me; in four hours chart of GBP/JPY currency pair the bearish wave iii leg – Bearish impulse wave pattern which is part of a higher degree wave 2 corrective leg in daily chart is just a bearish pull back in an up trend as mentioned above as wave 2 corrective Zig Zag wave pattern inside a daily price chart.
Strong key support level is present at 122.36 price area in GBP/JPY daily chart. So, I expect market to first move sideways for next coming trading days and then may be starts the rise. So, in my opinion market is going to remain bullish overall and on a medium to long term basis, expects a sideways leg in market. Next, market is probably going to resume an up trend after that in GBP/JPY currency pair, in daily chart.
Now, when an existing Bullish Elliott Wave Long Term Forecast in GBP/JPY is going to fail?
Well, the forecast is good for about next two weeks time and price should stays above 122.36 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 122.36 support area will end the up trend and bullish Elliott Wave Long Term Forecast; in such a market scenario, it would be best not to trade the market and re-analyze GBP/JPY daily chart.
Based on GBP/JPY Elliott Wave Long Term Forecast the trend is up in daily chart and a good idea is to look for a buy trade around 135.00 price area, as price is going to rise more towards 191.66 but a clear bearish break down in price action below 122.36 vital support area will end the up trend. On a medium term basis, it is a bearish trend in GBP/JPY 4 hours time frame and a good idea is to take a sell trade around 139.74 price level and price is probably going to drop down towards 138.00 price level. However; if the price of GBP/JPY currency pair breaks above 142.76 vital resistance level then bearish trend is going to end. However; if the price of EUR/USD breaks above 142.76 vital resistance level then down trend is going to end. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rate.
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