From a elliott wave perspective GbpJpy is moving textbook like.
I love the current setup, its so clean.
I am seeing big resistance now around 145, and in my view the first miniscule wave of the primary wave 3 is nearly completed. So watch out for top like behaviour around 145. Don't be a johnny come late to the party and buy now, its risky that you might get taken out quickly imho.
So in the time to come i am expecting a large correction which could even take us to 137. Yes, 137 is possible and we would still be very bullish. This is just the 78.6% Fibo retracement level and bears might be able to push this so low, to take out alot of bull stops, before bulls return and put a bottom to miniscule wave 2 in place and move this pair into possibly 148/150 area.
One thing should not happen, and i am not expecting it to happen the break of the 135.60 low, this would be devastating for bulls and invalidate the complete bull count.
So take care with this and don't jump in too early if you are a bull, and if you are planning to sell, be patient and watch out for a clear top pattern on lower timeframes with good risk reward.
Please use proper risk management, and trade your plan, and make your own analysis.
Blessings to you all, and many thanks for following.
I love the current setup, its so clean.
I am seeing big resistance now around 145, and in my view the first miniscule wave of the primary wave 3 is nearly completed. So watch out for top like behaviour around 145. Don't be a johnny come late to the party and buy now, its risky that you might get taken out quickly imho.
So in the time to come i am expecting a large correction which could even take us to 137. Yes, 137 is possible and we would still be very bullish. This is just the 78.6% Fibo retracement level and bears might be able to push this so low, to take out alot of bull stops, before bulls return and put a bottom to miniscule wave 2 in place and move this pair into possibly 148/150 area.
One thing should not happen, and i am not expecting it to happen the break of the 135.60 low, this would be devastating for bulls and invalidate the complete bull count.
So take care with this and don't jump in too early if you are a bull, and if you are planning to sell, be patient and watch out for a clear top pattern on lower timeframes with good risk reward.
Please use proper risk management, and trade your plan, and make your own analysis.
Blessings to you all, and many thanks for following.
