After a major rally in wave 3 labeled (i)-(v), GBPJPY seems to be making a three-wave pullback in wave 4 which is expected according to Elliot Wave principle.
The wave 4 correction which is currently unfolding as a simple zigzag is almost completed. However, it still has the potential to sell lower to around 50% Fib of wave 3 which also lined up with a support zone.
Once the correction is completed a rally is expected in wave 5 to complete the entire impulse rally that started in August 2019.
The lower time frame analysis below shows how to take advantage of the short-term decline.
What's your thought on GBPJPY?
The wave 4 correction which is currently unfolding as a simple zigzag is almost completed. However, it still has the potential to sell lower to around 50% Fib of wave 3 which also lined up with a support zone.
Once the correction is completed a rally is expected in wave 5 to complete the entire impulse rally that started in August 2019.
The lower time frame analysis below shows how to take advantage of the short-term decline.
What's your thought on GBPJPY?
Note
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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.
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.