Three-wave Rally on GBPJPY Can Be Ending - EW
Good morning traders,
GBPJPY is moving sharply to the upside and even accelerating above 146.00 that we see now as ongoing five wave move within wave C. As such, there is a room for 149.00 where three wave corrective recovery from August low can come to an end. That said, at the moment we see sub-wave iv of C looking for support, ideally near the Fibonacci ratio of 38.2/50.0 from where more upside may follow, into sub-wave v.
Later we may see 149.36 level as potential resistance and turning point zone and also. the Fibonacci ratio of 100.0 and the upper corrective channel line can act as resistance.
In any case, an impulsive drop and a break below the 144.34 level will confirm a completed A-B-C rally and more weakness.
GBPJPY is moving sharply to the upside and even accelerating above 146.00 that we see now as ongoing five wave move within wave C. As such, there is a room for 149.00 where three wave corrective recovery from August low can come to an end. That said, at the moment we see sub-wave iv of C looking for support, ideally near the Fibonacci ratio of 38.2/50.0 from where more upside may follow, into sub-wave v.
Later we may see 149.36 level as potential resistance and turning point zone and also. the Fibonacci ratio of 100.0 and the upper corrective channel line can act as resistance.
In any case, an impulsive drop and a break below the 144.34 level will confirm a completed A-B-C rally and more weakness.
Comment:
GBPJPY made a nice turn down from 149.74 level; a three-wave reversal can be in play. -->
