GBPJPY Shows 5 wave impulse up from 2/17 Lows

Elliott Wave Forecast Team ElliottWave-Forecast.com

In the near term the GBPJPY pair shows 5 waves up from the 2/17 lows. The dip to 139.61 corrected the cycle up from the 2/7 lows. We favor seeing the pair ending this initial bounce from there in the 142.05 area per the 1 hour chart from the Mid Day NY update that is shown below. Afterward we expect a smaller degree dip in 3-7 or 11 swings to correct the cycle up from the 139.61 lows from 2/17. In the nearest term while dips continue to remain above 139.61 expect the pair develops a rally again with the trend back higher initially toward the equal legs-1.236 extension area of the larger three swings up from the 2/7 lows which is in the 143.91-144.92 area.

GBPJPY 1 Hour Chart

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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