GBP/JPY Technical Analysis

[Jebatfx]

It's still not much clear whether wave 5 and IV already completed or not. I believed the real trend will be unfold after a true breakout either to the upper green trendline or to the lower red trendline. There is 2 possibility for market conditions at the moment :-
a) short term - bullish retracement continuation (the signal is getting weaker)
b) mid term - bearish continuation (the signal is getting stronger)
Adviseable better to wait a signal for option b.

[Jebatfx]

At the moment, price continue to retrece back and perform a small double top. Price already near the top of the upper teal triangle trendline and shows a strong comeback maybe to further retrace upwards There is 3 possibility scenario at the moment which are :-
a) Price will going upwards until the previous top to establish the bigger double top or maybe abit higher to complete wave 5 and IV.(count in magenta)
b) While the 2nd scenario would be price will start perform the major bearish continuation to complete wave V and C.(count in cyan)
c) All count will become invalid if the price break the major bearish critical line and major trend already change to bullish.(count in white)
Preferable - wait for a BSTS 2 and 3 bearish continuation signal.

[Jebatfx]

I'm looking for a strong true breakout, favourable to the lower red trendline for a bearish continuation trend scenario. At the moment, although I'm more favourable for a bearish continuation but so far, the price still standing strong at the top zones. We need to be patient and emosionally, wisely control our trades and margin. Please entry when there are good/complete signal from BSTS and make sure you put SL. Have a nice day.

[Jebatfx]

At the moment, the price already in bearish trend but for me, its still not showing a good characteristic as major bearish continuation trend. Unless the price once again going downwards and break my retracement critical line, I believed the price will going upwards again to complete wave IV and c. Have a nice day.

[Jebatfx]

At this moment price still stay above my red lower trendline which is bias for a bearish continuation if the point is taken. But as long the price move upwards and stay above this line, preferable for another bullish retracement to complete wave IV and c. A breakout to the retracement continuation line would bolster this scenario. Please refer to the magenta and cyan count. Please wait for a good signal from BSTS before making any new entry. Good luck for today. Preferable - another bullish retracement if the retracement continuation critical line is taken.

[maliq]

pening kepala aku....

[Jebatfx]

Although the price already break the red trendline, but from my point of view, it might be performing a "double bottom" before starting to upwards to complete the bullish retracement trend. But, otherwise if its a true breakout, this scenario already become invalid and we shakk see a bearish continuation trend later on. Good luck.

[Jebatfx]

As expected, the price performed a double bottom before start to make a bullish retracement trend. If the price keep going upwards and break the top green trendline, we might having a wave 3 extansion. Please move your sl and check your tp. Good luck.

[Jebatfx]

I believed wave 4 (cyan) just completed and the price will going upwards to complete wave 5, c and IV. Unless if the retracement continuation line and further the lower red trendline is taken, this scenario wouls still be valid. So carefully watch your margin and good luck.

[Jebatfx]

At the moment, I believed the price will going upwards again to complete either wave 5 and IV (magenta) or wave c (cyan) before start to reverse for a bearish continuation later. As long the major red trendline stay intact, this scenario will be valid. Otherwise if we see a true breakout later to this major red trenline, then it can be considered a bearish continuation trend is already begin and all the previous scenario already become invalid. Please wait for a good reversal signal from BSTS later. Good luck.