Elliott Wave View: Bullish Sequence in GBPJPY

Elliott Wave View of GBPJPY shows that pair has a bullish sequence from March 18 low. The 45 minutes chart suggests the pair ended the cycle from August 13 high as wave B at 138.58 low. The pullback in wave B unfolded as double three correction and ended at the blue box area. The pair then rallied higher from blue box and broke above previous August 13 high. This confirms that the next leg higher in wave C has already started.

Up from wave B low, wave ((i)) ended at 141.61 high. The subdivision of wave ((i)) unfolded as 5 waves impulse Elliott Wave Structure. Wave (i) ended at 138.93 high and wave (ii) dip ended at 138.26 low. Pair then extended higher in wave (iii) towards 140.30 high. Wave (iv) pullback then ended at 139.67 low. Finally, wave (v) higher ended at 141.61 high. This final move completed wave ((i)) in higher degree.

Afterwards, pair corrected within wave ((ii)), which ended at 139.99 low. From there, pair resumed the rally and extended higher. Wave (i) of ((iii)) ended at 142.71 high. The pullback in wave (ii) unfolded as zigzag correction and ended at 140.98 low. As long as the low at 139.99 low and more importantly wave B low at 138.58 stays intact, expect dips in 3,7, or 11 swings to continue to find support for more upside. The equal leg from March 18 low against June 21 low where the rally can target is at 147.40 level. However, if pair breaks below 138.58 low, then the alternate is that wave A ended at September 1 peak (142.71) and pair is doing a pullback in wave B to correct the cycle from June 22 low.