SPECIAL UPDATES: GBP/JPY

Weekly Chart

At the weekly chart, we can see Cable started to gain momentum at July 1994. We labeled the whole rally from Low 127.00++ area to April 1998 High at 238.00 ++ area as the Wave [ I ] of the larger degree. The rally really looks impulsive, and we can see a clear 5-waves pattern upwards. Then, after finding its peak at 1998, Cable started to lose, followed by the World Economic Crisis at that time, the chart formed a corrective a-b-c waves. This whole corrective sequence we labeled as Wave [ II ] of the larger degree. Now, the main problem with our counting is, after the correction, GBPJPY went up again as it should according to Elliott Wave theories, but we found some choppy and overlapped waves as shown in the Circle Area. According to Elliot Wave theory, the whole rally to 2007 High at 250.10 can be counted as the Wave [ III ] of the larger degree. Because of these overlapped and choppy waves, we still can't label the smaller waves properly. But, what is certain is, the whole rally upwards are the 3rd Wave of the larger degree.

4 Hours Chart

At 4-Hours Chart, the pair look synchronized with the weekly one. As mentioned in our previous post, if GBPJPY can break the 233.00 area, it can go higher. Currently, the pair rests at 238.89 area. The whole rally from final Wave (e) of [ II ], can be labeled as Wave (i) as it look impulsive. We still don't know, whether the pair are ready for a short retracement, or it will continue the journey to the north. If the retracement occurs, it will be easier for us to predict next target using Fibonacci analysis.

*Beware, our prediction is not guaranteed to be accurate. Always control your risk and don't be greedy.

THESE SIGNALS/ ANALYSIS ARE PURE FROM OUR TEAM. PLEASE APPRECIATE OUR HARD WORK AND DON'T BE A COPYCAT.

To Our Success,

Elite Bisnes Team