Let's take a look at the technical picture of GBP/USD, GBP/JPY, EUR/GBP and Bitcoin.The material has been provided by InstaForex Company - www.instaforex.com
The corrective consolidation is now complete and the underlying impulsive rally higher to our first target level of 160.54 is taking place. If bulls assert strength, GBP/JPY may go higher to our second target level of 163.39. Keep the focus on the upside and a break above minor resistance at 157.69...
GBP/JPY downside breakoutThe GBP/USD pair found strong resistance, supply, around the 157.61 level signaling that the upwards movement is over. As you can see on the h4 chart, the pair failed to jump above 157.61 signaling exhausted buyers. Now, it has dropped below the 156.08 former low indicating...
GBP/JPY is currently locked inside a narrow trading range between 155.95 - 157.45. Once this consolidation is complete, a new impulsive rally higher towards our first target at 160.54 should be expected to complete wave iii. If there remains enough energy back in the rally from 132.67, wave iii...
GBP/JPY is already testing the former top of wave iii/ at 158.21 and we could see a temporary set-back close to 156.00 before the next rally higher towards the 160.54 target and maybe even closer to our secondary target at 163.39 where we expect wave v/ of iii to complete and set the stage for...
There was no time for a more substantial correction before GBP/JPY continued higher towards the first wave iii target at 160.54. However, we see the potential of a continuation towards our secondary target at 163.39 before wave iii finally finds its top and start a new prolonged correction in wave...
Happy New Year.GBP/JPY has rallied nicely after putting in a fifth wave failure at 149.64. A fifth wave failure is a sign of impatience and they are often followed by a swift shift in direction, which is also what we have seen for this cross. Short-term we could see a temporary set-back to support...
GBP/JPY failed to break lower to 148.83 and has likely left us with a fifth wave failure. A Break above minor resistance at 152.64 will confirm that wave iv/ has completed and wave v/ of iii is in motion towards 160.54 and possibly even closer to the 163.39 target. A fifth wave failure is a sign of...
GBP/JPY broke clearly above the resistance line near 151.62 and then failed big time indicating that one more low just below support at 148.83 is needed to complete wave iv/ and set the stage for the next impulsive rally in wave v/ of iii towards 160.54 and maybe even closer to the 163.39 target....
GBP/JPY is ready to take on the resistance-line near 151.31 and a break above here will confirm that wave iv/ has completed and wave v/ higher towards at least 160.54 and possibly closer to the 163.39 target is in motion. Short-term we see support at 149.35 that needs to protect the downside for...
