Forex Trading Analysis
Hello Guys I am going to analyze GBPJPY currency pair let us start at the top to bottom Elliott wave analysis inside the daily time frame the trend is down in pound gen currency per Daily time frame resistance is present at 208.09 price level price action is most likely going to rise up to print bullish WB pullback and then drop to print bearish WC zigzag corrective leg incoming trading days decisive bullish breakout above 208.09 resistance area is going to end downtrend in daily chart of JP JPY currency pair
At 4hour time frame price action is printing higher swing highs and higher swing lows to me GBP JPY Trend looks up in 4hour time frame
at one hour time frame the trend is up in 1 hour chart intraday support is present at 18.085 level price action is most likely going to drop to print bearish wave X pull back and then rise up to print bullish with Y double zigzag leg which offers a chance to join an uptrend in GBP yen a decisive bearish break below 180.80 chart of Great British pound versus Japanese yen currency pair
More specific the green color highlighted area offers a buying opportunity which is the previous wave B of one lesser degree
