GBPJPY Elliott Wave Analysis Trading Lounge
British Pound/Japanese Yen (GBPJPY) GBPJPY Elliott Wave Technical Analysis
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Analysis SummaryThis analysis examines the GBPJPY currency pair using the Elliott Wave theory on a daily chart, identifying a counter-trend movement. The current mode is impulsive, signaling strong directional activity within a broader corrective structure.Key points:
Critical Benchmark for ValidationThe analysis specifies an invalidation level of 199.634. If the price reaches or exceeds this level, the current wave count and outlook will be invalidated. This serves as a key reference for managing risk and validating trends. ConclusionThe Elliott Wave analysis suggests GBPJPY is currently in a counter-trend phase. Navy blue wave 1 within gray wave C is unfolding, initiated by the completion of gray wave B. The trend remains valid as long as the price stays below the invalidation level of 199.634. Traders can anticipate continued movement within this counter-trend structure, followed by the corrective navy blue wave 2.(Click on image to enlarge)British Pound/Japanese Yen (GBPJPY) GBPJPY Elliott Wave Technical Analysis
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Analysis SummaryThis analysis evaluates the GBPJPY currency pair using Elliott Wave theory on a 4-hour chart, identifying a bearish trend. The impulsive mode reflects strong downward momentum within the broader structure.Key highlights:
Critical Benchmark for ValidationAn invalidation level of 197.847 is specified. If the price rises to this level, the current wave count and analysis will be invalidated. This benchmark is crucial for risk management and trend confirmation. ConclusionThe Elliott Wave analysis suggests GBPJPY is in a bearish phase, with orange wave 3 actively progressing. The completion of orange wave 2 confirms the beginning of this trend, supported by the impulsive nature of the current movement. As long as the price remains below the invalidation level of 197.847, the bearish outlook is maintained. Traders can expect continued downward momentum before transitioning to the corrective phase, orange wave 4.(Click on image to enlarge) More By This Author:
