Elliott Wave Analysis: GBPJPY Is Hunting 2018 Highs

Hello traders!

Today we will talk about GBPJPY pair, which is trading nicely bullish within a five-wave cycle and there's room for more upside, at least towards 2018 highs.

We are tracking five waves up from 133.00 low, which looks to be unfinished. The main reason is current three-wave A-B-C corrective decline from the highs, which should belong to a higher degree wave (4) and from where we can expect a continuation higher for wave (5).

Well, wave (4) can be sometimes very complex, so we have to consider longer or deeper wave (4) correction as well, which means that we have to be aware of a retest of base channel and 149-148 support zone labeled as ALTernate wave (4) before the uptrend within wave (5) resumes.

Anyway, in any case GBPJPY should remain bullish as long as it's moving above that base channel.

Trade well!
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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.