GBPJPY Set to Complete Wave 4 Bearish Decline
Updated
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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