Based on the 4hr timeframe we i tried to analysis GBPJPY movement using Elliott Waves principle. Wave 3rd finished exactly at 161.8 fibonacci expansion level while Wave 4th stopped at 38.2% fibonacci retracement of Wave 3rd.
Usually when the 3rd wave stopped at 161.8 fibonacci expansion of Wave 1, the 5th wave length will be the same with the 1st wave. The comparison of 3 impulsive waves will be a 1 : 1,618 : 1
We could try selling this pair with stop loss above the 4th wave top at 134.00 because if price move above that it means wave 5 is completed already.
For a better entry we will wait for GBPJPY to retrace a bit to 132.80-132.90 before selling it
Sell GBPJPY 132.80-132.90
Stop Loss 134.00
Take profit 1 at 131.70
Take profit 2 at 130.50
Good Luck
Usually when the 3rd wave stopped at 161.8 fibonacci expansion of Wave 1, the 5th wave length will be the same with the 1st wave. The comparison of 3 impulsive waves will be a 1 : 1,618 : 1
We could try selling this pair with stop loss above the 4th wave top at 134.00 because if price move above that it means wave 5 is completed already.
For a better entry we will wait for GBPJPY to retrace a bit to 132.80-132.90 before selling it
Sell GBPJPY 132.80-132.90
Stop Loss 134.00
Take profit 1 at 131.70
Take profit 2 at 130.50
Good Luck