GBPJPY Tags Measured Waves - Higher Probability of Sell Off
Updated
Last night, the Bank of Japan announced negative interest rates which made for a weaker Yen driving the GBPJPY higher. Last week, we anticipated a move up to the 174 region and now that we are there AND we have the BOJ driving negative interest rates, do we continue higher or is this it?
When assessing the intraday charts, there is a strong confluence of wave relationships in the 173.35-174 region. This suggests an elevated opportunity for a 300 pip sell back toward the purple support line.
The Elliott Wave labels on the chart suggest an even deeper fall back towards 166. Let's take it one step at a time right now and see how this behaves as it approaches support near 169-170.
Feel free to check out DailyFX's Q1 Yen Forecast HERE [free registration required].
Lastly, I would like to put a big shout out and THANK YOU to the TradingView webinar attendees yesterday. TradingView is an excellent host and we did manage to get off topic a few times which makes it fun too. There were some fantastic questions.
Many were asking for a recording of the webinar which can be found here - youtube.com/watch?v=1jE31mbhpDk&feature=youtu.be&a
I would like to highlight one question by Kyle who hasn't been profitable on his demo asking when should he go live. The answer was provided during the 1:02:25 to 1:06:56 mark of the video.
Check out the notes section of the youtube video for the links referenced in the video.
Have a blessed weekend!
When assessing the intraday charts, there is a strong confluence of wave relationships in the 173.35-174 region. This suggests an elevated opportunity for a 300 pip sell back toward the purple support line.
The Elliott Wave labels on the chart suggest an even deeper fall back towards 166. Let's take it one step at a time right now and see how this behaves as it approaches support near 169-170.
Feel free to check out DailyFX's Q1 Yen Forecast HERE [free registration required].
Lastly, I would like to put a big shout out and THANK YOU to the TradingView webinar attendees yesterday. TradingView is an excellent host and we did manage to get off topic a few times which makes it fun too. There were some fantastic questions.
Many were asking for a recording of the webinar which can be found here - youtube.com/watch?v=1jE31mbhpDk&feature=youtu.be&a
I would like to highlight one question by Kyle who hasn't been profitable on his demo asking when should he go live. The answer was provided during the 1:02:25 to 1:06:56 mark of the video.
Check out the notes section of the youtube video for the links referenced in the video.
Have a blessed weekend!
Note
This move higher is still within the realm of a false breakout higher, though that probability is diminishing. Above 175.25 begins to build the case the Jan 20 low was the end of a bigger downward correction.Note
Prices are still stuck in the upward sloping channel and the moves lower are taking place in 3 waves. Until prices break below this channel, the pair may be pointed higher.
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