Forex Trading Analysis
Hello Guys I am going to analyze JP JPY currency pair let us start with the top to bottom Eliot wave analysis inside the daily time frame the trend is up in pound yen currency here daily time frame support is present at 187.5 price level price action is most likely going to drop to print bearish W four pullback and then rise to print bullish with five impulse leg incoming trading days a decisive bearish break below 187.93$ support area is going to end up Trend in daily chart of GBP
At 4Hour time frame price action is sprinting higher swing highs and higher swing lows to me GBPJPY Trend looks up in 4Hour time frame
At 1-hour time frame the trend is down in 1 hour chart intraday resistance is present at 2.51 price level price action is most likely going to rise to print bullish wave B pullback and then drop to print bearish wave zigzag corrective like which offers a chance to join the downtrend in G gen pair a decisive bullish break out above the 2.51 resistance the level is going to end the downtrend in 1 hour chart of the Great British Pound versus Japanese yen currency pair
more specifically the red color highlighted area offers the selling opportunity which is the previous second wave of one lesser degree do not jump into the market with a sell trade wait for a bearish breakdown
