Monday, May 30, 2016

Elliott wave analysis of GBP/JPY - Inverse S/H/S bottom completed for a measured rally higher to 174.13


GBP/JPY - Inverse S/H/S bottom completed for a measured rally higher to 174.13 

I have been tracking the inverse S/H/S bottom for a while now and with today's close above the neckline resistance near 162.00 the formation is now completed for a rally higher towards the measured target at 174.13. The S/H/S target is just below the February wave [iv] high at 175.02, so do expect this area will put up a decent fight, but it should only be a matter of time before this resistance is broken too and the rally continues higher towards 180 and 188 on the way higher. 
Ultimately a break above the late June 2015 higher at 195.88 is expected. 
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