Bottom line: GBPJPY intermediary bearish structure remains until 148.00 is intact. The corrective drop has carved a triangle as Wave B and Wave c could turn lower again.
Technical Analysis:
GBPJPY has been drifting sideways since December 20, 2019 lows at 141.16 levels. We have been calling for an A-B-C corrective drop from 148.00 to complete wave 4, before the last wave rally could resume higher again. After terminating Wave A at 141.16 earlier, GBPJPY has carved a triangle structure in the past several weeks. This could be labelled as Wave B terminating around 143.30 levels at this point in time. If the above counts hold true, we could expect a sharp reversal lower as Wave C unfolds. The minimum target required for Wave C termination is 139.50/140.00, which is also close to fibonacci 0.382 retracement of Wave 3. Furthermore, also note that previous wave iv also terminated around 139.30 levels. We can then expect a bullish reversal from close to 139.50 and push GBPJPY above 148.00 levels to complete Wave 5. Aggressive traders might be willing to initiate short positions from current levels (143.30), with protective stops above 145.00 and projected targets around the 139.50 mark. A more conservative trading approach could be to consider remaining flat for now and look for prices to terminate around 139.50. This could be seen as a potential Wave 4 termination of the rally that had begun since 126.50 levels earlier. Traders might be willing to consider longs around 139.50 zone, towards the trend with potential targets above 148.00 going forward. Alternately, a continued drop to 132.00 and lower from here would confirm that GBPJPY has completed its corrective rally at 148.00 and is now underway to print below 126.50 levels, sub dividing into 5 waves.
Prepared by
Harsh Japee, Technical Analyst.
GBPJPY Chart
MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!
Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.
Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.
MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！
免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。
