GBP/JPY Archives - Page 2 of 2 - Elliott Wave Forecast

GBPJPY : Market Patterns Signalling the Move Higher

July 23, 2020 By EWF Aidan

On July 15 2020 I posted on social media Stocktwits/Twitter @AidanFX “GBPJPY LONG/BUY at 134.47 Stop Loss at 133.97 Target 1 at 134.97 Target 2 at 134.47 Target 3 at 134.97“

The chart below was also posted on social media StockTwits/Twitter @AidanFX July 15 2020 showing that a bullish market pattern (light blue) formed signalling buyers that the pair would move higher. Bullish divergence patterns (pink) also formed which was another signal to buyers that GBPJPY would move higher. The bullish light blue and pink divergence market patterns terminating near the Dynamic Support moving average and the Static Support level was a good area where the pair can bounce higher from. I called for traders to BUY GBPJPY and only a move below the point B of the light blue bearish pattern would invalidate the BUY trade setup. Stop loss was set below the light blue point B low targeting the green target levels above.

GBPJPY 1 Hour Chart July 15 2020

GBPJPY 1 Hour Chart July 20 2020 : The chart below shows that the original bullish light blue pattern morphed to another bullish pattern when price pushed lower from the BUY entry and triggered more buyers at the XA 0.886% Fib. retracement level. The pair formed back to back similar bullish patterns (light blue) and finally managed to rally higher.

GBPJPY 1 Hour Chart July 22 2020 : The pair pushed higher, respected the next support/resistance level and the dynamic support moving average (turquoise) to finally hit the 1:4 RR target at 136.47 from the 134.47 buy entry for a +200 pip move higher. If you followed me on Twitter/Stocktwits @AidanFX you too could have caught the GBPJPY move higher.

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan

Always use proper risk/money management according to your account size

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GBPJPY Forecasting The Decline After Elliott Wave Flat

June 29, 2020 By EWF Vlada

In this technical blog we’re going to take a look at the Elliott Wave charts charts of GBPJPY published in members area of the website. Recently the pair corrected the cycle from the 139.7 peak , when recovery unfolded as Irregular Elliott Wave Flat structure. These kinds of movements are Traps for traders as the market gives 5 waves structure in the direction against the trend. We at Elliott Wave Forecast can spot such patterns early by looking at the structure of internal subdivision, looking at price distribution and using market correlation strategies.

In further text we’re going to explain the forecast and Elliott Wave Pattern. Before we take a look at the real market example of Expanded Flat, let’s explain the pattern in a few words.

Elliott Wave Expanded Flat Theory

Elliott Wave Expanded Flat is a 3 wave corrective pattern which could often be seen in the market nowadays. Inner subdivision is labeled as A,B,C , with inner 3,3,5 structure. Waves A and B have forms of corrective structures like zigzag, flat, double three or triple three. Third wave C is always 5 waves structure, either motive impulse or ending diagonal pattern. It’s important to notice that in Expanded Flat Pattern wave B completes below the start point of wave A, and wave C ends above the ending point of wave A which makes it Expanded. Wave C of expanded completes usually close to 1.236 Fibonacci extension of A related to B, but sometimes it could go up to 1.618 fibs ext.

At the graphic below, we can see what Expanded Flat structure looks like.

GBPJPY 1 Hour Elliott Wave Analysis 6.15.2020.

Current view suggests GBPJPY is correcting the cycle from the 139.7 peak. Short term recovery 2 can be unfolding as irregular Flat Pattern. We expect to see 5 waves up from the recent low which would be ((c)) leg of proposed 2 red Flat recovery. The price can see approximately 135.74-136.72 area , equal legs ((a))-((b)), before sellers appear again for proposed extension down.

GBPJPY 1 Hour Elliott Wave Analysis 6.16.2020.

At this stage we can see that recovery made form of Elliott Wave Flat Structure as we expected. Waves ((a)) and ((b)) black have corrective- 3 waves structures. While wave (C) blue unfolded as 5 waves rally. Wave ((b)) ended below starting point of wave ((a)) and wave ((c)) ended above ending point of wave ((a)). The pair has already reached ((a))-((b)) equal legs at 135.74-136.72 area and giving us reaction from there. We expect further separation from the current 136.35 peak and ideally break of 06/15 low which will confirm next leg down is in progress.

You can learn more about Elliott Wave FLAT Patterns at our Free Elliott Wave Educational Web Page

GBPJPY 1 Hour Elliott Wave Analysis 6.19.2020.

Eventually the pair broke 06/15 low, confirming next leg down is in progress. The pair is now bearish against the 136.35 peak and should ideally find sellers in 3,7,11 swings against that high.

Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.

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GBPJPY Found Sellers At The Blue Box Area

April 23, 2020 By EWF Hardianto

In this blog, we are going to take a look at the Elliottwave chart of GBPJPY. The 4 hour chart update below from 15 April shows that the cycle from December 12, 2019 high unfolded as 5 waves impulsive structure. Wave 1 ended at 141.14 low. The bounce in wave 2 as a flat correction ended at 144.36 high. From there, the pair continued to extend lower and ended wave 3 at 132.51 low. This is followed by a bounce in wave 4, which ended at 137.21 high. The pair then pushed lower to end wave 5 at 123.99 low.

GBPJPY 4.15.2020 4 Hour London Elliott Wave Update

Based on Elliottwave theory, a 3 waves bounce should happen before the decline to the downside resume. As long as the high at 147.94 stays intact, the bounce in 3,7, or 11 swings is expected to fail for more downside later. The expected bounce unfolded as a zig-zag. Wave A ended at 132.04 high and wave B ended at 127.26 low. The 100% extension of wave A-B where wave C can potentially end is at 135.30 – 140.27 area. We showed this area with a blue box. The blue box is the area where we expect sellers to appear for 3 waves pullback at least or an extension lower.

GBPJPY 4.22.2020 4 Hour London Elliott Wave Update

The 4 hour chart update from 22 April shows that the pair reached the equal leg area. Wave C ended at 135.75 high, which is in the blue box area. From there, the pair has extended lower. Wave ((i)) ended at 133.61 low and wave ((ii) bounce has ended at 134.96 high. The pair still needs to break below the previous low at 123.99 to confirm that the next leg lower is in progress and to avoid doing a double correction.

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GBPJPY AUDJPY : Calling the Move Lower

March 29, 2020 By EWF Aidan

GBPJPY Technical Analysis

On March 17/2020 I posted on social media (Stocktwits/Twitter) @AidanFX “$GBPJPY will extend lower towards 126.60 area.“

GBPJPY 1 Hour Chart 3.17.2020 : The chart below was also posted on social media (StockTwits/Twitter) @AidanFX March 17/2020 showing that a bearish divergence pattern (purple) was forming on price and indicator. The GBPJPY chart shows that price action was respecting the support/resistance zone (grey) and was also respecting the moving average (light blue) which was why I called for traders to watch for a move lower towards 126.60 area.

GBPJPY 1 Hour Chart 3.18.2020 : The pair dives lower over 600 pips and hits the 1:7 RR Target for +590 pips where I eventually banked profits. If you followed me on Twitter/Stocktwits you too could have caught the GBPJPY drop lower.

AUDJPY Technical Analysis

On March 17/2020 I posted on social media (Stocktwits/Twitter) @AidanFX “$AUDJPY watch for a move towards the 63.35 – 62.25 area.“

AUDJPY 1 Hour Chart 3.17.2020 : The chart below was also posted on social media (StockTwits/Twitter) @AidanFX March 17/2020 showing that a bearish divergence pattern (purple) was forming on price and indicator. The chart shows that price action was entering the support/resistance zone (grey) where price can reverse lower from if respects the zone. Price was also respecting the moving average (light blue) which was why I called for traders to watch for a move lower towards the 63.35 – 62.25 area.

AUDJPY 1 Hour Chart 3.18.2020 : The pair reverses lower off the support/resistance zone (grey) and moves lower to the 63.35 – 62.25 area. Price was showing strong momentum lower and eventually hit the 1:4 RR Target for +430 pips where I eventually banked profits. If you followed me on Twitter/Stocktwits you too could have caught the AUDJPY drop lower.

*** Always use proper risk/money management according to your account size ***

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