British Pound/Japanese Yen (GBPJPY) Forex Elliott Wave Technical Analysis

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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: Gray Wave A
POSITION: Orange Wave 4
DIRECTION NEXT HIGHER DEGREES: Gray Wave B
DETAILS: Gray Wave A appears to still be in progress and is nearing completion. Wave Cancel Invalid Level: 208.222

The GBP JPY Elliott Wave Analysis on the daily chart indicates a counter-trend movement, classified as corrective. The focus is on Gray Wave A, currently situated within Orange Wave 4, suggesting the market is in a corrective phase within the broader wave structure.

The analysis suggests that Gray Wave A is still unfolding and seems close to finishing. This completion would signal the end of the current corrective phase and the potential start of Gray Wave B, which is anticipated to move in the opposite direction, reflecting a change in market sentiment.

The next higher degree of movement is identified as Gray Wave B. Once Gray Wave A concludes, the market is expected to transition into Gray Wave B, likely marking a significant corrective movement that could retrace some of the previous wave's progress.

A critical aspect of this analysis is the wave cancel invalid level, set at 208.222. This level is crucial for validating the current wave structure. If the market price exceeds this level, it would invalidate the current wave analysis, necessitating a reevaluation of the wave count.

In summary, the GBP JPY daily chart analysis indicates that the market is in a counter-trend phase within Gray Wave A, positioned in Orange Wave 4. The analysis suggests that Gray Wave A is nearing its end, with an upcoming transition to Gray Wave B. The wave cancellation invalid level of 208.222 serves as a key threshold for validating this wave analysis.

 

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
STRUCTURE: Navy Blue Wave 3
POSITION: Gray Wave A
DIRECTION NEXT HIGHER DEGREES: Navy Blue Wave 4
DETAILS: Navy Blue Wave 2 of A appears complete, with Navy Blue Wave 3 currently in progress. Wave Cancel Invalid Level: 208.222

The GBP JPY Elliott Wave Analysis on the 4-hour chart highlights a counter-trend movement, characterized as impulsive. The specific wave structure being analyzed is Navy Blue Wave 3, currently situated within Gray Wave A, indicating that the market is experiencing the third wave of a corrective phase.

The analysis suggests that Navy Blue Wave 2 of A is completed. This completion indicates that the market has ended a corrective phase and is now transitioning into an impulsive phase, represented by Navy Blue Wave 3. The movement within this wave is expected to show a strong directional push as it progresses.

The next higher degree of movement is identified as Navy Blue Wave 4. Following the completion of the current impulsive phase (Navy Blue Wave 3), the market is anticipated to re-enter a corrective phase, characterized by Navy Blue Wave 4. This wave typically represents a retracement or consolidation following an impulsive move.

A crucial detail in this analysis is the wave cancel invalid level, set at 208.222. This level serves as a validation point for the current wave structure. If the market price surpasses this level, it would invalidate the ongoing wave analysis, indicating that the expected wave pattern is no longer applicable and necessitating a reevaluation of the wave count.

In summary, the GBPJPY 4-hour chart analysis indicates that the market is in a counter-trend phase within Navy Blue Wave 3, positioned in Gray Wave A. The completion of Navy Blue Wave 2 suggests that the market has transitioned into an impulsive phase, with Navy Blue Wave 3 currently unfolding. Following this phase, the market is expected to enter a corrective phase, characterized by Navy Blue Wave 4. The wave cancel invalid level of 208.222 serves as a critical threshold for validating this wave analysis.

 

Technical Analyst : Malik Awais

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