HomeContributorsTechnical AnalysisGBPJPY Looking For Acceleration As Elliott Wave Nest

GBPJPY Looking For Acceleration As Elliott Wave Nest

The short-term Elliott wave view in the GBPJPY suggests that the cycle from 03 October 2023 low is nesting higher & expected to accelerate higher. Up from there, the rally to 183.81 high ended wave 1 & then made a pullback in wave 2. The internals of that pullback unfolded as Elliott wave flat correction. Whereas the first leg of the flat ended in wave ((a)) at 180.93 low. Wave ((b)) bounce ended at 183.75 high and wave ((c)) completed at 180.73 low thus completed the wave 2 pullback.

From there, the pair made a rally higher in an impulse sequence & showed a higher high sequence supporting the nest in wave 3 higher. The first leg of the rally to 181.87 high ended wave (i). Wave (ii) ended at 180.91 low, wave (iii) ended at 183.83 high, wave (iv) ended at 183.09 low. Then a rally to 184.35 high ended wave (v) & completed wave ((i)). Below from there, the pair is doing a short-term pullback in wave ((ii)), which is expected to hold in 3, 7, or 11 swings. Looking for more upside extension towards 186.55- 190.13 area next as far as dips remain above 180.73 low. Don’t recommend selling the pair.

GBPJPY 1-Hour Elliott Wave Chart From 11.01.2023

GBPJPY Elliott Wave Video

YouTube

By loading the video, you agree to YouTube’s privacy policy.
Learn more

Load video

Elliott Wave Forecast
Elliott Wave Forecasthttps://elliottwave-forecast.com
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading