Simple Moving Average(SMA) 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
GBP/JPY Shows Outside Bar to Possible Complete Wave 2 or B Wedge (3/4)
- After the outside bar seen on Friday, we are seeing the decline materializing.
- Now we are near the first support pivot near 132.00, as well as the 200SMA in this 4H chart.
- The bearish outlook has a swing projection to 130.90 area, let's say 131.
- Then below that the bearish scenario is still not a strong case until breaking below 129.50, at which point we would look for a decline towards the 126 support area.
- On the upside, if the market pushes above 135.45, we are looking at the 136.40 swing projection and the 137.75 resistance. Above 137.75, a long term bullish trend would be born. This case would be supported if the market fails to break the previous low of 131.10, and instead rallies above 135.45 from a around 132.00 instead.
- Again, if the market does dip lower, the 129.50 is your final support for the bullish scenario.
What count will the GPB/JPY end up developing? We would love to hear what you think.