In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of GBPJPY. In which, the rally from 13 December 2023 low unfolded as an impulse sequence and called for an extension higher to take place. Therefore, we knew that the structure in GBPJPY should remain supported & extend higher. So, we advised members not to sell the pair & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
GBPJPY 4-Hour Elliott Wave Chart From 2.01.2024
Here’s the 4-hour Elliott wave Chart from the 2/01/2024 update. In which, the rally to 188.93 high-ended wave (1) & made a pullback in wave (2). The internals of that pullback unfolded as Elliott wave double correction where wave W ended in 3 swings at 186.49 low. Then a bounce to 187.60 high-ended wave X & started the next leg lower in wave Y towards 185.18- 183.69 blue box area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.
GBPJPY Latest 4-Hour Elliott Wave Chart From 2.26.2024
This is the latest 4-hour Elliott wave Chart from the 2/26/2024 update. In which the pair is showing a strong reaction higher taking place, right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. Since then the pair has already seen a break above 188.93 high confirming the next extension higher.
Source: https://elliottwave-forecast.com/forex/gbpjpy-perfect-reaction-higher-blue-box/