Forex Technical Analysis:GBPJPY Might Have Carved A Meaningful Low At 136.88

Bottom line:  GBPJPY might have completed or terminated its corrective drop since 148.00 levels, around 136.88 for now. A break above 138.68 resistance would confirm the same.

Technical Analysis:

GBPJPY might have finally completed its corrective phase that had begun from 148.00 highs. As discussed earlier, corrective waves could test a trader’s patience and after almost 12 weeks of consolidation, GBPJPY bulls seem to be preparing to take control back. There are several convergences seen here that’s supports the above. 1. Prices have dropped to the Elliott Channel support and bounced back from 136.88 levels. 2. The Fibonacci extension of the corrective wave a, is around 136.88. 3. Prices have retraced around 50% of the larger degree Wave 3 around 136.88 respectively. 4. An engulfing bullish candlestick pattern is seen after hitting 136.88 lows, which could be a potential trend reversal. With all the above facts in place, it might be safe to believe that the a-b-c corrective drop is complete, or very close to completion. Immediate price resistance is seen through 138.68 levels, and a break higher would confirm that a meaningful low is in place around 136.88 levels. Looking into the immediate wave structure, a corrective a-b-c seems to be complete since 148.00 highs, which could be labelled as potential wave 4 here. If the above count is correct, GBPJPY is expected to resume its rally towards 148.00 and higher levels. The overall wave structure since 126.50 remains constructive for bulls until prices stay above the 132.00 mark, going forward. The wave count suggest that Waves 1, 2, and 3 were already in place at 130.69, 126.67 and 148.00 respectively. The recent drop to 136.88 could be termed as Wave 4 and a Wave 5 rally could terminate above 148.00 levels. We would present an alternate count if prices drop below 132.00 going forward. Traders might prepare to go long around these levels.

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。

風險提示

MyFxtops邁投所列信息僅供參考,不構成投資建議,也不代表任何形式的推薦或者誘導行為。MyFxtops邁投非外匯經紀商,不接觸妳的任何資金。 MYFXTOPS不保證客戶盈利,不承擔任何責任。從事外彙和差價合約等金融產品的槓桿交易具有高風險,損失有可能超過本金,請量力而行,入市前需充分了解潛在的風險。過去的交易成績並不代表以後的交易成績。依據各地區法律法規,MyFxtops邁投不向中國大陸、美國、加拿大、朝鮮居民提供服務。

邁投公眾號

聯繫我們

客服QQ:981617007
Email: service@myfxtop.com

MyFxtops 邁投