Gbpjpyforecast
GBPJPY Trade Idea - Elliott WaveLet’s discuss the price chart of the GBPJPY currency pair based on the 240 minute timeframe.
From the Elliott Wave perspective, the price action appears to have completed Wave B of the corrective sequence just beyond the 78.6% Fibonacci retracement level. GBPJPY is currently progressing in Wave C down.
From the Hurst Cycles perspective, the composite model line which measures the combined cyclical pressure, topped on April 6 (red vertical line), and is projected to form a bottom on June 13.
Based on this, we can expect prices to push lower from here. The confirmation will come upon a breakout below the lower channel line and is likely to find support when it reaches a 100% Fib extension of Wave A.
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GBPJPY top-down analysis Hello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
GBPJPY - WEEK 15 ANALYSESMonthly bias - short:
Rejection from the monthly sell zone + liquidity run above previous high.
Weekly bias - short:
Previous weekly candle is filling the pin bar wick that we’ve created in week 13. This tells me that we’re almost ready to create the next move downwards.
Week 15 - analyses:
I expect a push up towards the 162.8 area where the .618 fib is located in the beginning of the week. Be cautious for a liquidity run above the previous wick at 162.725 (see red zone).
After the move up I think that we’ll see a strong move down towards 159.9 area since we’re in a Monthly Sell Zone. The next major level of support will be at 159.9, this is where GJ maybe finds some support but since we’ve tested this area multiple times (see red arrows) It may break this level and move further towards 157.5 where we’ll find our next fresh support/buy zone.
GBPJPY ( CONSOLIDATION)Hello, currently we are at a foundation level on the weekly chart as seen above, in the chart which usually indicate consolidation if you are to move to the lower time frames you will see that price has been consolidation. You can always trade within consolidation, although always have enough confluences to place a trade to avoid L's. This means you can take and opportunity of both bulls and bears. But you have to always decide a team which means looking the type of trend you want to hope in.
SIDE NOTE: PRICE ALWAYS MOVES IN THREE WAYS , IMPULSE, CORRECTION AND CONTINUATION.
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GBPJPY Losses Momentum!GBPJPY losses its momentum to go higher highs on the daily timeframe around 162.12 zone area. It will be likely to go downtrend and retest on the support area around 160.993 which will be our first target. Price action confirmation will be validated first before making an entry. #tyor #dyor
GBPJPY bullish trend a minor sell-off.GBPJPY has halted its four days of a bullish trend and showed a minor sell-off.
Technicals:
On the lower side, immediate support is around 161.40,
The minor resistance to be watched is around 162.30, a break above that level confirms intraday bullishness, and a jump to 164 is possible.
buy on 161
SL 160
TP of 164
GBPJPY top-down analysis Hello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
GBPJPY (1HR) BREAK AND RETEST.Hey, I would love to see GJ move up to that yellow trendline create a Higher High, that the previous highs and break the trend line then fall to 158.... I made this basis solely on structure, as the market moves in three moves , impulse, correction and continuation. Wait to place sell orders if you are trading the overall(MAJOR STRUCTURE) move until it hits the trend line and drops. But you can always take advantage of minor structure moves, but make sure you have enough confluences before placing in a trade. OVERALL PICTURE IS A SELL SET UP
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