Tuesday November 21 at 5:45 ET
GBP/JPY reversed direction at 222.48 as we recognised at the time, and rose about 90 pips to 223.36, then corrected down to 222.75 - just 5 pips past the point where we predicted it would turn around, and which we stated would be a viable entry for a buy trade. It then rose 149 pips to a recent high of 224.27. We now believe that it will reverse again and fall in a downwards Wave 4 A-B-C corrective wave, to about 223.50, and then reverse again and resume its climb to the ultimate high about 225.00 to 226.00.
The target of this corrective A-B-C wave is 223.50
The current price is 224.15
_________________________________________________
Previous predictions and analysis:
Analysis of GBP/JPY for Friday November 17 at 5:30 ET
GBP/JPY did indeed rise as predicted from the reversal point at 222.48 to a recent high of 223.36 and is now engaged in a downwards A-B-C corrective wave.
The current price is 223.20.
The bottom of this wave at about 222.80 could be a viable low risk : high reward long trade with a target of 225.00 to 226.00. The safest trade will be the trade down from this ultimate high point, however.
__________________________________________
Analysis of GBP/JPY for Wednesday November 15 9:30 ET <hr style="color: rgb(209, 209, 225);" size="1"> <!-- / icon and title --> <!-- message -->
GBP/JPY has fallen this morning to 222.48, which appears to be the low for this downwards trend which took it down 280 pips from its recent high of 225.28. It is now headed back up to about 225.00 again as GBP/USD rises strongly.
The current price is 222.68
GBP/JPY reversed direction at 222.48 as we recognised at the time, and rose about 90 pips to 223.36, then corrected down to 222.75 - just 5 pips past the point where we predicted it would turn around, and which we stated would be a viable entry for a buy trade. It then rose 149 pips to a recent high of 224.27. We now believe that it will reverse again and fall in a downwards Wave 4 A-B-C corrective wave, to about 223.50, and then reverse again and resume its climb to the ultimate high about 225.00 to 226.00.
The target of this corrective A-B-C wave is 223.50
The current price is 224.15
_________________________________________________
Previous predictions and analysis:
Analysis of GBP/JPY for Friday November 17 at 5:30 ET
GBP/JPY did indeed rise as predicted from the reversal point at 222.48 to a recent high of 223.36 and is now engaged in a downwards A-B-C corrective wave.
The current price is 223.20.
The bottom of this wave at about 222.80 could be a viable low risk : high reward long trade with a target of 225.00 to 226.00. The safest trade will be the trade down from this ultimate high point, however.
__________________________________________
Analysis of GBP/JPY for Wednesday November 15 9:30 ET <hr style="color: rgb(209, 209, 225);" size="1"> <!-- / icon and title --> <!-- message -->
GBP/JPY has fallen this morning to 222.48, which appears to be the low for this downwards trend which took it down 280 pips from its recent high of 225.28. It is now headed back up to about 225.00 again as GBP/USD rises strongly.
The current price is 222.68