Elliott Wave Analysis: GBP/JPY In A Bearish Impulse

GBP/JPY is also trading clearly, now unfolding a three-wave correction into a higher degree wave iv), as part of a bearish impulse. We can already see leg a and b of iv) completed, so one more leg higher that is expected is leg c, which can look for resistance, and a bearish reversal around the Fibonacci ratio of 50.0 or 61.8. Resistance can also be seen for the pair at the 146.39 level, level of a former swing high.

GBP/JPY, 1h Chart

GBP/JPY Intraday chart

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