GBP/JPY Technical Analysis

[Jebatfx]

Finally, a retracement continuation trend is confirmed. I believed the price maybe will retrace until fibo 61.8% or a bit more to perform a double top later before start to going down again to complete wave 5 and C. Unless the major bearish critical line is taken, this scenario would stay valid. Please look for a reversal signal from BSTS later. Good luck.

[Jebatfx]

At the moment, price still inside a small teal corrective triangle. I believed the price will make another retracement continuation to complete wave IV, 4 and c (magenta/double top ?) before starting to make a reversal downtrend to complete wave V (magenta). Or it can straight a reversal DT if the price break the major lower red trendline. Another senario is it could be in wave count in white where is the price already in major Bullish Reversal Trend. This only will be confirm IF the price make a true breakout at my major bearish critical line. Preferable - retracement continuation before a major bearish continuation. Tips - wait for a complete bearish continuation(reversal) signal from BSTS later. Have a nice day.

[Jebatfx]

I believed a bullish retracement scenario will be over soon unless we have a true breakout to the bearish critical line and later at the major bullish reversal line. The price could go upwards again to complete the unfinished wave 5 nd IV or its already established. At this moment, I'm still looking for a very good reversal signal from BSTS to confirm the bearish continuation trend later on. Good lucks.

[Jebatfx]

It's still not much clear whether wave 5 and IV already completed or not. I believed the real trend will be unfold after a true breakout either to the upper green trendline or to the lower red trendline. There is 2 possibility for market conditions at the moment :-
a) short term - bullish retracement continuation (the signal is getting weaker)
b) mid term - bearish continuation (the signal is getting stronger)
Adviseable better to wait a signal for option b.

[Jebatfx]

At the moment, price continue to retrece back and perform a small double top. Price already near the top of the upper teal triangle trendline and shows a strong comeback maybe to further retrace upwards There is 3 possibility scenario at the moment which are :-
a) Price will going upwards until the previous top to establish the bigger double top or maybe abit higher to complete wave 5 and IV.(count in magenta)
b) While the 2nd scenario would be price will start perform the major bearish continuation to complete wave V and C.(count in cyan)
c) All count will become invalid if the price break the major bearish critical line and major trend already change to bullish.(count in white)
Preferable - wait for a BSTS 2 and 3 bearish continuation signal.

[Jebatfx]

I'm looking for a strong true breakout, favourable to the lower red trendline for a bearish continuation trend scenario. At the moment, although I'm more favourable for a bearish continuation but so far, the price still standing strong at the top zones. We need to be patient and emosionally, wisely control our trades and margin. Please entry when there are good/complete signal from BSTS and make sure you put SL. Have a nice day.

[Jebatfx]

At the moment, the price already in bearish trend but for me, its still not showing a good characteristic as major bearish continuation trend. Unless the price once again going downwards and break my retracement critical line, I believed the price will going upwards again to complete wave IV and c. Have a nice day.

[Jebatfx]

At this moment price still stay above my red lower trendline which is bias for a bearish continuation if the point is taken. But as long the price move upwards and stay above this line, preferable for another bullish retracement to complete wave IV and c. A breakout to the retracement continuation line would bolster this scenario. Please refer to the magenta and cyan count. Please wait for a good signal from BSTS before making any new entry. Good luck for today. Preferable - another bullish retracement if the retracement continuation critical line is taken.

[Jebatfx]

Although the price already break the red trendline, but from my point of view, it might be performing a "double bottom" before starting to upwards to complete the bullish retracement trend. But, otherwise if its a true breakout, this scenario already become invalid and we shakk see a bearish continuation trend later on. Good luck.

[Jebatfx]

As expected, the price performed a double bottom before start to make a bullish retracement trend. If the price keep going upwards and break the top green trendline, we might having a wave 3 extansion. Please move your sl and check your tp. Good luck.