British Pound/Japanese Yen(GBPJPY) Forex - Elliottwave Technical analysis

[tradinglounge]

GBPJPY Elliott Wave Analysis Trading Lounge Day Chart,    

British Pound/Japanese Yen(GBPJPY) Day Chart  

GBPJPY Elliott Wave Technical Analysis

FUNCTION: Counter Trend                

MODE:Corrective              

STRUCTURE:  black wave A                

POSITION: Red wave 4              

DIRECTION NEXT HIGHER DEGREES:black wave B                

DETAILS: blue wave 5 of 3 looking completed at 193.525.Now black wave A of 4 is in play. Wave Cancel invalid level: 193525  

The GBPJPY Elliott Wave Analysis for the day chart provides a comprehensive outlook on the potential price movements of the British Pound/Japanese Yen currency pair, employing Elliott Wave principles for technical analysis.

Identified as a "Counter Trend" scenario, the analysis suggests that the current market direction opposes the prevailing trend, indicating a corrective phase or potential reversal from the predominant price action.

Described as "Corrective" in mode, the analysis implies that the current market movement is part of a corrective pattern within the broader Elliott Wave cycle. This suggests that the price action is undergoing a temporary reversal or consolidation phase before potentially resuming the primary trend.

The "STRUCTURE" is identified as "black wave A," indicating the current wave count within the corrective phase. This helps traders understand the ongoing correction's structure and potential targets within the corrective pattern.

Positioned as "Red wave 4," the analysis provides insights into the current wave count within the broader corrective structure. This information aids traders in anticipating potential reversal levels or corrective targets within the corrective phase.

The "DIRECTION NEXT HIGHER DEGREES" is stated as "black wave B," suggesting the anticipated direction for the subsequent higher-degree wave. This implies that once the current corrective phase completes, the market may resume its upward movement within the broader Elliott Wave cycle.

In the "DETAILS" section, it is noted that "blue wave 5 of 3 looking completed at 193.525. Now black wave A of 4 is in play." This indicates that the current corrective phase is ongoing, with the expectation of further downside movement before a potential reversal and the start of a new trend.

In summary, the GBPJPY Elliott Wave Analysis for the day chart offers traders valuable insights into potential price movements, corrective phases, and critical levels to monitor within the broader Elliott Wave structure, aiding in informed trading decisions.

 

 

 

GBPJPY Elliott Wave Analysis Trading Lounge 4 Hour Chart,    

British Pound/Japanese Yen(GBPJPY) 4 Hour Chart  

GBPJPY Elliott Wave Technical Analysis

FUNCTION: Counter Trend                

MODE:impulsive as A              

STRUCTURE:  blue wave 2              

POSITION: Black wave A              

DIRECTION NEXT LOWER DEGREES:black wave 3                

DETAILS: blue wave 2 of A is in play , after that blue wave 3 will start. Wave Cancel invalid level: 193525  

The GBPJPY Elliott Wave Analysis for the 4-hour chart provides insights into potential price movements of the British Pound/Japanese Yen currency pair, employing Elliott Wave principles for technical analysis.

Identified as a "Counter Trend" scenario, the analysis suggests that the current market direction opposes the prevailing trend, indicating a corrective phase or potential reversal from the predominant price action.

Described as "impulsive as A" in mode, the analysis implies that the ongoing corrective phase exhibits characteristics of an impulsive wave pattern within the broader Elliott Wave cycle. This suggests that despite being a counter-trend move, the corrective phase may display strong momentum.

The "STRUCTURE" is identified as "blue wave 2," indicating the current wave count within the corrective phase. This helps traders understand the ongoing correction's structure and potential targets within the corrective pattern.

Positioned as "Black wave A," the analysis provides insights into the current wave count within the broader corrective structure. This information aids traders in anticipating potential reversal levels or corrective targets within the corrective phase.

The "DIRECTION NEXT LOWER DEGREES" is stated as "black wave 3," suggesting the anticipated direction for the subsequent lower-degree wave. This implies that once the current corrective phase completes, the market may resume its downward movement within the broader Elliott Wave cycle.

In the "DETAILS" section, it is noted that "blue wave 2 of A is in play, after that blue wave 3 will start." This indicates that the current corrective phase is ongoing, with the expectation of further downside movement before a potential reversal and the start of a new trend.

In summary, the GBPJPY Elliott Wave Analysis for the 4-hour chart offers traders valuable insights into potential price movements, corrective phases, and critical levels to monitor within the broader Elliott Wave structure, aiding in informed trading decisions.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!