GBPJPY Trade Idea - Elliott Wave

FX:GBPJPY   British Pound / Japanese Yen
Let’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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