Elliott Wave Analysis: GBPJPY Is Still Corrective Within Uptrend

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Hello traders!

We want to update and share GBPJPY chart, as we saw deeper and complex correction within wave (4).

As you can see, GBPJPY dropped in slow price action and overlapped wave structure, which usually indicate for a correction, ideally a complex one W-X-Y , especially if it's nicely connected within corrective channel range.

So, now that GBPJPY retraced back to the former "iv" and base channel resistance line, it may easily act as strong support for a higher degree wave (4) and 148.55 level, from where we can expect a reversal and bullish continuation for wave (5) back to 29018 highs, especially if breaks back above resistance line of a corrective channel.
 

Elliott Wave Analysis: GBPJPY Is Still Corrective Within Uptrend by ew-forecast on TradingView.com