GBP/JPY Technical Analysis

[Jebatfx]

sry, I can't update my post recently due to a problem when logging into babypips forum database.
Hereby is my updates, good luck.



Until this moment, I believed market already in wave 3 extension and price just got rejection after touched the upper major green trendline. I'm looking forward for a retracement phase to complete wave 4 later before another bullish continuation to complete wave 5 (only valid if my retracement critical line still intact). Please noted that wave 5 could be an impulsive wave (magenta) or only a truncated wave (yellow or white).

Summary :

1) Preferably market will be in retracement phase to complete wave 4 before another bullish continuation to complete wave 5.
2) Otherwise if my bullish continuation line 3 is taken, then favourably market already in bullish continuation and this retracement phase would be put into hold position first.
3) Please confirm any entry from BSTS later. Good luck.

[Jebatfx]

I believed wave 4 in progress and looking forward for a completion of wave 4 before another bullish continuation to complete wave 5 either an impulsive wave (magenta) or just a truncated wave (yellow). This scenario would only valid if my retracement critical line still intact. Other we may consider the alt count in white. Please monitor BSTS 3 for any bullish continuation signal later. Good luck.

[Jebatfx]

At this moment, market got 3 possibility either to the alt counts in white, yellow (truncated) or magenta (impulsive). Advisable to wait for a good entry signal either a bearish reversal or a bullish continuation signal from BSTS later. Please watch closely the bullish continuation line 3 and the S3 line. Good luck.

[Jebatfx]

At this moment, overall we left with only 2 possible trend which is either a bearish reversal (yellow/white) or bullish continuation (magenta). Please watch closely the teal triangle for any breakout. A breakout to the upper teal triangle trendline and later to the bullish continuation line 3 would bolster the bullish continuation scenario. Otherwise if both lines stand as a strong resistance, then preferably to the alt count in yellow or white. Advisable to look for a bearish reversal signal from BSTS later. Good luck.

[Jebatfx]

At this moment, I'm looking forward for a true breakout to the lower red trendline of the new expansion teal triangle to bolster the bearish reversal scenario. Otherwise if the price break the bullish continuation line 3, this scenario would be invalid. Please noted that if the price break the retracement critical line, then the magenta count would be invalid while if the price make a breakout to the bullish continuation line 3, then both alt counts in white and yellow would be invalid. Good luck.

[Jebatfx]

Until this moment, the upper green trendline still intact as a strong resistance. Price already made a small breakout to the lower trendline of the teal triangle and bounce back. I'm looking forward for a further downtrend movement soon to bolster the bearish reversal scenario. Otherwise if the price make a breakout to the upper green trendline and later to the bullish continuation line 3, this scenario would be invalid. Goodluck.

[Jebatfx]

I'm looking forward for any breakout again to the teal expansion triangle today. Expecting to see a strong bearish breakout to be happen today. Advisable to protect your short entry by putting SL according to the upper green trendline of the teal expansion triangle. Otherwise we may see a breakout to the bullish continuation line 3. Good luck and happy weekends.

[Jebatfx]

At this moment, alt count in white already invalid. If the 'double top" scenario stay valid and the bullish continuation line 3 still intact, the preferably bias to alt count in yellow. Otherwise we may see a bullish continuation refering to magenta count. Have a nice weekends.

[TheRumpledOne]

The price has penetrated the upper fib projections level from early this week on the H1 period.



Peaking on the Daily.



212.54 Target on the Weekly.

[4xStar]

Originally Posted by Jebatfx

At this moment, alt count in white already invalid. If the 'double top" scenario stay valid and the bullish continuation line 3 still intact, the preferably bias to alt count in yellow. Otherwise we may see a bullish continuation refering to magenta count. Have a nice weekends.

Thanks Jeb, always informative