Elliott Wave intraday view in GBP/JPY looking for further upside [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave view in GBP/JPY suggests that cycle from 9.11.2024 low is currently in progress as a zigzag. Up from 9.11.2024 low, wave A ended at 195.97. Pullback in wave B also unfolded as a zigzag Elliott Wave structure. Down from wave A, wave ((a)) ended at 190.96 and wave ((b)) ended at 192.22. Wave ((c)) lower ended at 189.56 which completed wave B in higher degree.

The pair has turned higher in wave C. Up from wave B, wave (i) ended at 193.35 and pullback in wave (ii) ended at 189.84. Pair extended higher in wave (iii) towards 195.17 and pullback in wave (iv) ended at 191.72. Final leg wave (v) ended at 195.62 which completed wave ((i)) in higher degree. Pullback in wave ((ii)) is currently in progress to correct cycle from 9.30.2024 low in 3, 7, or 11 swing before it resumes higher. Down from wave ((i)), wave (a) ended at 192.88. Expect pair to rally in wave (b) then turns lower again in wave (c) to complete wave ((ii)). Near term, while pivot at 189.57 low remains intact, expect dips to find buyers in 3, 7, 11 swing for further upside.

GBP/JPY 45 minutes Elliott Wave chart

GBP/JPY Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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