GBPJPY Remains Bullish For A New High

FX:GBPJPY   British Pound/Japanese Yen
GBPJPY             has been bullish for the last three years, we see an impulsive structure unfolding. Impulse is a five wave move and when this is completed we can expect a three wave retracement. In our case that means big three waves to the downside on GBPJPY             . However at the moment we see final leg in this impulsive sequence unfolding. We are tracking red wave (5) that can be an ending diagonal with a new high coming to around 197. On the intraday chart we see a three wave setback that can be looking for a support near 192.50-193.00. Idealy market will turn up from this region while invalidation level 191.00 must hold.

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2 years ago
Completely agree!
+1 Reply
Yahia.Awes Yahia.Awes
2 years ago
But I'm not aiming for 200 that would mean it wil break from downtrend, Then it will really rally!
GBPJPY downtrend channel since 1979
2 years ago
hello, thanks for sharing your view, i agree with the ending diagonal count but the primary wave 4 inside the diagonal is not looking good. I think it needs a deeper retracement to complete an ABC pattern. Regards.
+3 Reply
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