Elliott Wave View: GBPJPY Ended Correction [Video]
|Short Term Elliott Wave in GBPJPY suggests that the correction from May 27, 2021 peak has ended in wave ((4)) at 148.44. The internal subdivision of wave ((4)) took the form of a double three Elliott Wave structure. Down from wave ((3)) peak on May 27, wave (W) ended at 151.32 and rally in wave (X) ended at 155.15. Final leg lower wave (Y) ended at 148.46 which should complete wave ((4)). The pair has started wave ((5)) higher but still needs to break above wave ((3)) at 156.07 to rule out a larger double correction.
Up from wave ((4)), wave ((i)) ended at 149.96 and pullback in wave ((ii)) ended at 149.26. Pair resumes rally higher in wave ((iii)) towards 152.16, and pullback in wave ((iv)) ended at 151.38. Expect final leg higher wave ((v)) of 1 to end soon. Afterwards, it should pullback in wave 2 to correct the entire rally from July 20 low before the rally resumes in wave 3. Near term, as far as wave ((4)) low pivot at 148.44 remains intact, expect dips to find support in 3, 7, or 11 swing for further upside.
GBPJPY 60 Minutes Elliott Wave Chart
GBPJPY Elliott Wave Video
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.