Elliott Wave analysts might find the current GBPJPY setup quite compelling for a SHORT position. The currency pair has completed an upward corrective wave (b) and is now showing signs of a downward turn, potentially marking the beginning of an impulsive wave (c).
Given the completion of the corrective pattern and the failure to make new highs, we could anticipate a move towards the Fibonacci extensions of wave (a). The initial targets for wave (c) are typically at the 1.0 and 1.618 Fibonacci levels of wave (a), which could suggest significant downside potential from the current levels.
The confluence of the technical setup with the pair's recent resistance to upward moves offers a robust case for a SHORT trade. A prudent entry point may be confirmed by a sustained move below the end of wave (b), with stop-loss orders strategically placed above the recent highs to manage risk.
With the Japanese Yen often considered a safe-haven currency, increased market volatility could further fuel this potential bearish trend in GBPJPY. Traders should remain attuned to key levels and adjust their positions according to real-time market dynamics.
Given the completion of the corrective pattern and the failure to make new highs, we could anticipate a move towards the Fibonacci extensions of wave (a). The initial targets for wave (c) are typically at the 1.0 and 1.618 Fibonacci levels of wave (a), which could suggest significant downside potential from the current levels.
The confluence of the technical setup with the pair's recent resistance to upward moves offers a robust case for a SHORT trade. A prudent entry point may be confirmed by a sustained move below the end of wave (b), with stop-loss orders strategically placed above the recent highs to manage risk.
With the Japanese Yen often considered a safe-haven currency, increased market volatility could further fuel this potential bearish trend in GBPJPY. Traders should remain attuned to key levels and adjust their positions according to real-time market dynamics.
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