Bottom line:  GBPJPY intermediary trend still remains bearish until prices stay below 144.50 and broadly below 148.00 levels respectively.

Technical Analysis:

GBPJPY might remain in control of bears until at least 139.50 levels, before resuming higher above the 148.00 mark. The wave counts since 126.50 levels are clearly indicating a 3 wave rally towards 148.00 highs on December 13, 2019. Please note that Wave 3 was extended here and can clearly be sub divided into 5 waves labelled as waves I through v on the chart here. Giving the nature of this rally we would like to go with a probable count of 4^th wave being in progress since 148.00 highs. Potential remains for Wave 4 to terminate around the 38.2% retracement of Wave 3, which is close to 139.50. Also note that the previous wave iv of a lower degree had also terminated close to 139.50 levels. With the above correlations, a high probability bounce is expected around 139.50 before a 5^th wave rally could resume. Alternately, if the rally from 126.50 through 148.00 is re-labelled as an A-B-C counter trend, GBPJPY could be heading much lower. For the alternate count to be true, prices need to drop significantly below the 134.00 mark, ideally below 130.00. It is too early to predict or project a bearish reversal from current levels and hence looked upon as an alternate count. For now, GBPJPY is expected to drop to towards 139.50 levels at least before reversing higher again. The alternate counts labelled on the chart here remains only if prices drop below 134.00 and further. It would be interesting to see how GBPJPY would react around 139.50. A bullish reversal there should be bought with stop just below the swing lows, with potential targets above 148.00 levels.

Prepared by

Harsh Japee, Technical Analyst.

GBPJPY Chart

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。