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Gbp-jpy

Elliott Wave Favors More Downside in GBPJPYDecline from 2.28.2023 is in progress as a 5 waves impulse Elliott Wave structure. Down from 2.28 high, wave 1 ended at 160.02 and rally in wave 2 ended at 164.14. Pair resumes lower in wave 3 towards 159.19, and wave 4 ended at 160.49. Last leg lower wave 5 ended at 158.51 which completed wave (1). Wave (2) corrective rally ended at 163.34 as a double three Elliott Wave structure. Up from wave (1), wave W ended at 162.18, and pullback in wave X ended at 158.94. Wave Y higher ended at 163.34 which completed wave (2). Pair resumes lower in wave (3) with internal subdivision as another 5 waves in lesser degree. Down from wave (2), wave ((i)) ended at 160.67 and rally in wave ((ii)) ended at 161.86. Pair has resumed lower in wave ((iii)) and broken below wave ((i)). Down from wave ((ii)), wave (i) ended at 159.91 and wave (ii) rally ended at 161.01. Expect pair to continue lower within wave (iii) of ((iii)). A break below wave (1) at 158.51 would confirm the bearish view and rule out a double correction. Near term, as far as the pivot at 163.34 high stays intact, expect rally to fail in 3, 7, or 11 swings for further downside.
by Elliottwave-Forecast
GBPJPY Potential DownsidesHey Traders, in today's trading session we are monitoring GBPJPY for a selling opportunity around 163 zone. GBPJPY is trading in a downtrend and now seems to be rejecting 163 support and resistance zone around the trend. if the rejection is confirmed i would consider the bearish channel support as a target. Fundamentally the Yen is considered a safe haven in time of uncertainty and during crisis so i still expect JPY be outperforming considering also that the market is expecting major changes in monetary policy from the BoJ. Trade safe, Joe.
Short
by JoeChampion
18
GBPJPYGBPJPY has been examined in different dimensions: 1- Strong supply and demand levels that I identify with my own indicator and system. 2- The structure of recently formed waves 3- Current market momentum 4- The structure of classical and price patterns In this idea, I identified the direction of the market in different ways and in the second step, I analyzed the potential of continuation or reversal. Usually, paying attention to the trend and strength of the trend can greatly increase the accuracy of the analysis. In general, I tried to describe the continuation of the movement in the simplest possible way in the diagram. ⚠️ Disclaimer: This is a personal opinion and you are responsible for any trading decisions.
Long
by HamidRamezani1992
GBPJPY | Sell Sentiment!The GBP/JPY currency pair is a popular trading pair that represents the value of the British pound in relation to the Japanese yen. The GBP/JPY pair is known for its volatility and is heavily influenced by a range of factors, including economic indicators, political events, and market sentiment. In recent months, the GBP/JPY pair has experienced a bearish trend, meaning that the value of the pound has been declining relative to the Japanese yen. This trend has been driven by a range of factors, including concerns about the economic impact of Brexit on the UK economy, uncertainty about the future direction of UK monetary policy, and broader market volatility related to the COVID-19 pandemic. In the short term, the market sentiment for the GBP/JPY pair remains bearish, with many analysts predicting continued weakness for the pound against the Japanese yen. Some of the trends that are contributing to this sentiment include ongoing uncertainty about Brexit negotiations and potential changes in UK monetary policy. Additionally, the Japanese yen is often considered a safe-haven currency during times of market volatility, which could contribute to further weakness for the pound in the short term. However, it is important to note that market sentiment can change rapidly based on new information and events, so it is important to monitor the situation closely if you are trading or investing in this currency pair.
Short
by percifying
10