GBPJPY UPDATE III: Price Continuing Higher

FX:GBPJPY   British Pound / Japanese Yen
As we can see on the updated chart from yesterday, we see that price made a nice correction in wave (iv), and then made a nice reversal higher near the 38.2 Fibonacci projection , which usually acts as a support and a turning point for fourth wave corrections. Anyhow we now believe price can still reach higher levels within blue wave iii             around the 1.618 and 2.0 Fibonacci ratio, before a possible higher degree correction can kick off.

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coming down on higher time frames nice pullback.
+1 Reply
I do not know anything about Elliott waves, but are you expecting the deeper correction to complete around the 138.0 area, as depicted on the chart? Also, do you consider the larger downtrend to be over? Thank you for your insight!
+1 Reply
Yes the higher degree correction of blue wave iv could complete around the area of a formal wave iv, meaning in our case around the 136.35 region. Regarding the higher time frames as Daily, GBPJPY could face a three wave bullish recovery, as we believe that larger downtrend is completed.
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