Elliott wave Analysis: Bears on GBPJPY Pushing Lower

Gregor Horvat Wavetraders

GBPJPY has been trading choppy and overlapping in a higher degree wave 4 in June and found a top In July, at the 149.32 to be specific. We can see that price dropped nicely from the highs, which gave us thinking maybe a new drop in five-waves can be in play for the pair and current firm and strong weakness from 147.13 level can be wave iii which can take price towards the Fibonacci projection zone of 161.8. At the mentioned zone a new temporary correction as wave iv may follow.

GBPJPY, 4h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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