GBPJPY D Wave Complete

There appears to be at least one three wave move lower in the GBPJPY before higher levels are seen. Usually a third test of a significant level of resistance gives way. However in this case, as Wave C Green did not register new lows, it is likely that the current thrust will not make new highs yet. With the invalidation point nearby, a short from current levels seems justified.

GBPJPY decline ahead?

GBPJPY appears to have completed either a Wave 3 Green impulse or a Wave C Green correction. In either case, the short term view appears to indicate lower prices. If prices breach the Wave 1/A high, it is likely that new lows will be made eventually.

GBPJPY Head and Shoulders topping pattern

The British Pound versus the Yen has created a significant Head and shoulders patter over the last few trading days and appears to be set to begin a fresh impulse to new lows. As the recent decline has penetrated the top of Wave A Green, it is unlikely that we are experiencing a Wave 4 Green Pullback. However, where we are in the larger time frame is still unclear to me.

GBPJPY completing multidecade decline?





Looks bullish to me, but there may be more room to spike lower. Be careful.