Short term Elliott Wave impulse in GBP/JPY favors higher [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Cycle from 8.5.2024 low in GBP/JPY is in progress as a double three Elliott Wave structure. Up from 8.5.2024 low, wave (W) ended at 193.48 and pullback in wave (X) ended at 183.67. Internal subdivision of wave (X) unfolded as a zigzag. Down from wave (W), wave A ended at 187.23 and wave B ended at 189.58. Wave C lower ended at 183.67 which completed wave (X). Pair has turned higher in wave (Y) with internal subdivision as a zigzag structure.

Wave A of (Y) is in progress as a 5 waves impulse Elliott Wave structure. Up from wave (X), wave ((i)) ended at 186.63 and pullback in wave ((ii)) ended at 183.75. Pair has resumed higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 187.45 and wave (ii) ended at 185.81. Wave (iii) higher ended at 190.39 and wave (iv) ended at 188.66. Final wave (v) higher ended at 192.3 which completed wave ((iii)). Pullback in wave ((iv)) ended at 190.12. Expect pair to end wave ((v)) of A soon, then it should pullback in wave B to correct cycle from 9.11.2024 low in 3, 7, 11 swing before pair resumes higher again. Near term, as far as pivot at 183.67 low stays intact, expect dips to find buyers in 3, 7, 11 swing for further upside.

GBP/JPY 60 minutes Elliott Wave chart

GBP/JPY Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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