At Vital Direction, we have conducted an in-depth analysis of GBP/JPY. Since December 2023, GBP/JPY surged in five clear impulsive waves, reaching a pivotal high around 208 yen by July 2024. This level marked a significant turning point, leading to an impulsive downward wave A, followed by a complex corrective phase structured as a WXY pattern.
We currently estimate that the Y wave is either complete or nearing completion with a potential top around 202 yen. This would set the stage for a wave C decline, potentially targeting the 174 yen area by February 2025.
This projection aligns with broader cyclical patterns, suggesting that GBP/JPY may find a significant bottom following this correction, presenting a possible bullish reversal opportunity thereafter.
We currently estimate that the Y wave is either complete or nearing completion with a potential top around 202 yen. This would set the stage for a wave C decline, potentially targeting the 174 yen area by February 2025.
This projection aligns with broader cyclical patterns, suggesting that GBP/JPY may find a significant bottom following this correction, presenting a possible bullish reversal opportunity thereafter.
Vital Direction
Read the full article on our website: vitaldirection.co.uk/analysis/
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Read the full article on our website: vitaldirection.co.uk/analysis/
Join our FREE Telegram community (2k members): t.me/vitaldirectiongroup
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Vital Direction
Read the full article on our website: vitaldirection.co.uk/analysis/
Join our FREE Telegram community (2k members): t.me/vitaldirectiongroup
Read the full article on our website: vitaldirection.co.uk/analysis/
Join our FREE Telegram community (2k members): t.me/vitaldirectiongroup
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.