Elliott wave analysis of GBP/JPY

GBP/JPY

It has been quite a while since I have looked at this cross, but Sanjay asked me for an update.

Therefore please read my last post from February 25 -2013 here first:

http://theelliottwavesufer.blogspot.dk/2013/02/elliott-wave-analysis-of-gbpjpy.html

The post from February 25 was an almost perfect road-map to what happened the next couple of month. So what can be expect going forward? I'm looking for a wave 4 down to strong support at 149.25, but if this support break we should be headed for a deeper correction towards 142.50 and even 137.85 could be seen before the next rally higher in wave 5 towards 161.71 and maybe 166.20. These targets are measured from a possible wave 4 low at 142.50. If the low of wave 4 comes in at 137.85, we will have to adjust the coming wave 5 target accordingly.

Elliott wave analysis of GBP/JPY

GBP/JPY

I had a request for GBP/JPY and my opinion. As can be seen on the chart above, my count shows, that we currently is in a wave 4 correction, which ideally will find support near the bottom of wave iv of one lessor degree. The bottom of red wave iv comes in at 139.18 however, a slightly deeper correction towards 137.60 should not be ruled out. Once the ongoing wave 4 is over we should see wave 5 take us higher towards at least 150.19 and likely even higher towards 153.61 and maybe even 157.07 before wave 5 is in place.