Elliott Wave Suggests Short Term Bullish Outlook in GBPJPY

May 09 23, 04:02 GMT

Cycle from 1.3.2023 low is in progress as a 5 waves impulsive Elliott Wave structure. Short Term Elliott Wave Chart below shows that wave (2) ended at 165.4 and pair resumes higher in wave (3). Internal subdivision of wave (3) unfolded as another impulse in lesser degree. Up from wave (2), wave 1 ended at 167.72 and pullback in wave 2 ended at 166.37. Pair resumes higher again in wave 3 towards 172.09 and dips in wave 4 ended at 170.98. Final leg wave 5 ended at 172.33 which completed wave (3). Dips in wave (4) took the form of a double three Elliott Wave structure. Down from wave (3), wave ((w)) ended at 169.94, wave ((x)) ended at 170.54, and wave ((y)) ended at 169.13. This completed wave W. Rally in wave X then ended at 170.37.

Pair resumes lower in wave Y with internal subdivision as a zigzag. Down from wave X, wave ((a)) ended at 168.63, wave ((b)) ended at 169.53, and wave ((c)) ended at 168.02. This completed wave Y of (4). Pair has turned higher again wave (5) as an impulse. Up from wave (4), wave ((i)) ended at 169.387 and dips in wave ((ii)) ended at 168.8. Wave ((iii)) ended at 170.87, pullback in wave ((iv)) ended at 170.3, and final wave ((v)) ended at 171.07 which completed wave 1. Pair is now correcting cycle from 5.5.2023 low in 3, 7, or 11 swing within wave 2 before the rally resumes again. Down from wave 1, wave ((a)) ended at 170.17 and wave ((b)) ended at 170.61. Expect wave ((c)) lower resume and as far as pivot at 168.02 low stays intact, pair should resume higher again afterwards.

GBPJPY 1 Hour Elliott Wave Chart