Monday, April 17, 2017

#GBPJPY 4 HR Elliott Wave Update

#GBPJPY 4 HR Elliott Wave Update

Trade thoughts:  Cautiously long against 135.59

Targets:  Above 148.45 and possibly 163.89

The GBPJPY had a nice bounce today and MAY have bottomed at 135.59.  The pair is currently trading around 137.00 and we should see some resistance here.  I will be watching for a 50-61.8% retrace for a possible long against 135.59.  A more conservative option would be to wait for the retrace and break of the highs.

GBPJPY 4 HR Elliott Wave Chart

GBPJPY 4 HR Elliott Wave Chart
GBPJPY 4 HR Elliott Wave Chart