British Pound/Japanese Yen Forex Pair | TradingLounge Day Chart
GBPJPY Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Impulsive
Structure: Gray Wave C
Position: Orange Wave 4
Direction Next Higher Degree: Orange Wave 5
Details: Gray Wave B of Orange Wave 4 is now complete. The unfolding of Gray Wave C of Wave 4 is currently underway.
Invalidation Level: 208.092
The GBPJPY daily chart's Elliott Wave analysis reveals a counter-trend movement within a larger impulsive structure. The current wave is labeled Gray Wave C, indicating the market is in the final phase of a corrective move. The impulsive mode suggests a strong momentum is driving the current wave. This corrective pattern is part of the larger Orange Wave 4, and once Gray Wave C concludes, the market is expected to progress into Orange Wave 5.
Gray Wave B of Orange Wave 4 has already completed, allowing the market to transition into Gray Wave C, signaling the final stage of the corrective phase. Following the completion of Gray Wave C, an impulsive trend is anticipated to resume with the onset of Orange Wave 5.
The invalidation level for the current structure is set at 208.092. Should the market surpass this level, the current Elliott Wave count will be invalid, requiring a new analysis to reassess market direction.
Summary:
The GBPJPY daily chart depicts an ongoing counter-trend correction, with Gray Wave C of Orange Wave 4 currently in progress. The correction is nearing its end, and upon the completion of Gray Wave C, the market is expected to return to the impulsive trend with Orange Wave 5. The wave count is valid as long as the price remains below the invalidation level of 208.092.
British Pound/Japanese Yen Currency Pair | TradingLounge 4H Chart
British Pound/Japanese Yen (GBPJPY) 4-Hour Chart
GBPJPY Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Impulsive
Structure: Navy Blue Wave 1
Position: Gray Wave C
Direction Next Higher Degree: Navy Blue Wave 2
Details: Gray Wave B is considered complete. Currently, Navy Blue Wave 1 of Gray Wave C is unfolding.
Invalidation Level: 208.092
The 4-hour chart analysis of GBPJPY shows a corrective counter-trend move within a larger impulsive framework. The current mode is impulsive, indicating strong momentum in the active wave structure. Navy Blue Wave 1 is now forming within Gray Wave C, marking a significant phase in the corrective trend.
Gray Wave B has completed, and the market has transitioned into Navy Blue Wave 1, continuing the corrective phase of Gray Wave C. As this wave unfolds, the next phase—Navy Blue Wave 2—will likely begin, signaling a new stage in the ongoing counter-trend movement.
Traders should monitor the invalidation level set at 208.092. A breach of this level would invalidate the current wave count and necessitate a fresh evaluation of the market’s structure.
Summary:
The GBPJPY 4-hour chart analysis points to a counter-trend correction with Navy Blue Wave 1 unfolding within Gray Wave C. The market remains in a corrective phase, with the wave count valid as long as prices stay below the 208.092 invalidation level.
Technical Analyst: Malik Awais
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