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Gbpjpy_outlook

Elliott Wave View: GBPJPY Recovery Nearing CompletionShort term Elliott Wave View on GBPJPY shows the decline to August 12, 2019 low (126.51) ended wave 3. From there, pair is doing the recovery in wave 4 with the internal unfolding as a potential Elliott Wave Zigzag structure. This suggests the current rally takes the form a corrective structure and the bias remains to the downside. Up from 126.5 low, wave ((a)) unfolded as a leading diagonal structure where wave (i) ended at 127.52 high. Wave (ii) ended at 126.75 low, wave ( iii ) ended at 129.22 high, wave (iv) ended at 127.41 low and wave (v) ended at 129.57 high. Down from there, wave ((b)) pullback unfolded in a lesser degree flat structure where wave (a) ended at 128.91 low. Wave (b) bounce ended at 129.54 high and wave (c) ended at 128.21 low. Above from there, wave ((c)) remains in progress towards 131.31-133.22 100%-161.8% Fibonacci extension area of ((a))-((b)). This rally should also end wave 4 in a larger degree. Sellers are expected to appear in that area for further downside or a 3 waves pullback at least. We don’t like buying the pair and continue to expect the rally to fail in the sequence of 3, 7, or 11 swings.
by Elliottwave-Forecast
GBPJPY Sellers maintain 1M, Weekly, Daily, & 4H timeframes GBPJPY the sellers still maintain the overall downward momentum. As of right now price broken our daily support now resistance (135.11) and our H4 support level (135.2586). Price has also has reached our Weekly midrange support (135.00). What would happen now? Well because we have reached our weekly midrange support (135.00) we are anticipating a retracement. That's why we pulled out our Fibonacci tool to measure our potential pullback. Our fibs is drawn of the H2 time frame were price is refined and we finally got a solid support point. Now to draw our Fibonacci, starting from point A (135.814) to point B (134.961). If we look closely we can see where we get a perfect confluence. Our 38.2% level aligns perfectly with our H4 resistance level (135.286). With that in mind we are expecting a retracement to this level which we will be looking for selling opportunities. Four our targets we looking at (134.731) and (134.435).
Short
by NextPDT
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