empty
 
 

15.10.202107:47 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for October 15, 2021

Exchange Rates 15.10.2021 analysis

GBP/JPY has finally broken above the peak of wave iii/. It is heading towards the 158.69 target in wave v/ and iii of the impulsive rally that started back in mid-March 2020. It still is not completed. Once wave iii finds its peak we should be looking for a correction against the main trend, which in this case is to the downside in wave iv.

Triangles are very common in the JPY-crosses, so that will be our first option to look for. A triangle is made up from five zig-zag moves and once the triangle is complete we will expect a new impulsive rally to a new high in wave v of the impulsive rally from the March 2020 low.

For now our focus is locked on the 158.69 target, but wave v/ of iii can move higher than this target and in that case the next target to look for is seen at 160.54. So stay flexible, but also be ready for a new time-consuming sideways move to follow this final rally in wave iii.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2022
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.