GBP/JPY should resuming to the upside after a corrective pause [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

GBPJPY has ended a cycle from 14.12.2023 low. Up from 14.12.2024 low, wave (1) ended at 191.32 and pullback in wave (2) is in progress. The pair resumes lower in wave ((i)) with internal subdivision as 5 waves. Down from wave (1), wave (i) ended at 190.34 and wave (ii) pullback ended at 190.99. Pair resumes lower in wave (iii) towards 189.34 and bounce in wave (iv) ended at 190.03. Final leg wave (v) ended at 189.02 which completed wave ((i)) in higher degree. Pullback in wave ((ii)) higher did a zigzag Elliott Wave structure ending at 191.18 high.

GBP/JPY 60 minutes Elliott Wave chart

Down from wave ((ii)), wave (i) ended at 189.84 and wave (ii) pullback ended at 190.68. Pair resumes lower in wave (iii) towards 188.23 and bounce in wave (iv) ended at 188.79. Last wave (v) ended at 188.22 which completed wave ((iii)) in higher degree. Rally from 188.22 low ended at 189.72 and also wave ((iv)) correction. Currently, we are expecting to complete an ending diagonal as wave ((v)) and also wave A where market should reacgt higher in 3, 7 or 11 swings correction as wave B before resuming to the downside in wave C to finish the correction in wave (2) lower.

GBP/JPY Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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