GBP/JPY Technical Analysis

[Jebatfx]

At the moment price already at the bullish critical 1. This scenario indicates more favourable to bearish continuation trend, but I still need to wait for few a more confirmation aspect. Even BSTS also showing a mix signal which is I presumed its not a good time to make any new entry yet. For summary, hereby I would explain 3 possibilities scenario :
1) Price start to bullish again to complete the uncompleted wave iv ?
2) Price start to bearish continuation to establish a triple bottom to complete wave v & 5 (white) before going upwards again for a Bullish Reversal.
3) Price start to bearish continuation to complete wave v & 5 (yellow).
Please becarefull before making any entry. Have a nice day.

[Jebatfx]

Its still unclear so far which direction the price will go. Therefore, I came out with 3 alt wave count, which are :-
1) Bearish Continuation (yellow)
2) Bearish Continuation with truncated wave 5 (white)
3) Bullish Retracement (magenta)
From my point of view, more favourable towards option #3. Please watch closely BSTS 2 - TF 15, 30, 1H & 4H before making any entry. Good lucks.

[Jebatfx]

I believed the price will once again perform a bullish retracement to complete wave iv, c & 5 (magenta count). As long the price move and stay inside the green zones, this scenario would still be valid. But please look at into the other 2 possibility wave count (yellow & white). Please hold your early morning long entry by moving the SL according to the price movement and look for any bullish retracement continuation signal or bearish continuation signal from BSTS later. Good luck trading and happy weekends.

[Jebatfx]

At this moment, price already at my critical bearish trendline. Until now, the bullish retracement continuation still valid (magenta). From BSTS, I could see a favourable bullish signal but still need to be confirm later. Otherwise, if the price break my bullish critical line 1, a bearish continuation could be to consider to complete wave 5 and C (white or yellow). Have a nice weekends and good lucks.

[Jebatfx]

Gbp vs Jpy 1H, 4H & Daily Pre-Market Overview



Chart 1H - At this moment, I'm still waiting for a breakout to the upper teal triangle trendline for a retracement continuation scenario. Otherwise if the price break my bullish critical line 1, a bearish continuation scenario is more favourable to happen. Please wait for a complete signal from BSTS before making any entry. Preferable - magenta count once the price break the upper teal triangle trendline.



Chart 4H - A breakout to the upper teal triangle trendline and then later to the retracement continuation line would bolster the alt wave count 3 to perform a wave iv in magenta. Otherwise a breakout to the lower red trendline will favour for a bearish continuation trend.



Chart Daily - Watch closely the lower red trendline. As long the price stay inside the green triangle zones, a retracement continuation scenario to perform wave 4 (magenta) would still be valid. Otherwise if the price break the lower red trendline and enter the red triangle zones, this scenario would be invalid and a bearish continuation would take place. Good lucks.

[Jebatfx]

I'm waiting for a true breakout to the upper teal triangle trendline for a retracement continuation scenario. Otherwise if the price break the lower red trendline, this will favour for a bearish continuation trend. Preferable - retracement continuation. Please look for any good signal from BSTS before making any entry. Good luck

[Jebatfx]

At this moment, price already made a breakout to the upper trendline of the corrective teal triangle. Therefore its a favour for a retracement continuation trend. A breakout to the retracement continuation line would bolster this idea. Otherwise if the price break the bullish critical line 1, this scenario would be invalid. Have a nice day.

[Jebatfx]

Finally, a retracement continuation trend is confirmed. I believed the price maybe will retrace until fibo 61.8% or a bit more to perform a double top later before start to going down again to complete wave 5 and C. Unless the major bearish critical line is taken, this scenario would stay valid. Please look for a reversal signal from BSTS later. Good luck.

[Jebatfx]

At the moment, price still inside a small teal corrective triangle. I believed the price will make another retracement continuation to complete wave IV, 4 and c (magenta/double top ?) before starting to make a reversal downtrend to complete wave V (magenta). Or it can straight a reversal DT if the price break the major lower red trendline. Another senario is it could be in wave count in white where is the price already in major Bullish Reversal Trend. This only will be confirm IF the price make a true breakout at my major bearish critical line. Preferable - retracement continuation before a major bearish continuation. Tips - wait for a complete bearish continuation(reversal) signal from BSTS later. Have a nice day.

[Jebatfx]

I believed a bullish retracement scenario will be over soon unless we have a true breakout to the bearish critical line and later at the major bullish reversal line. The price could go upwards again to complete the unfinished wave 5 nd IV or its already established. At this moment, I'm still looking for a very good reversal signal from BSTS to confirm the bearish continuation trend later on. Good lucks.