Daily GBP/JPY analysis

long from here..

yeah not wrong to ride wave b from here.... seems wave a has probably finished in a 5 wave sequence instead of 3 and it also took out the low of wave 4, this could hint for an even deeper correction later down to 127 or 125....not wrong to go long here but i never enter trades at this time so have to wait till frankfurt open

weekly chart.

daily chart

hourly chart

i have 2 price target zones for wave B, one is reached now

Yes, I agree

Yes, maybe the 61.8 was the top. So far in wave B, the A wave and C waves are also of similar lengths at the moment

it's trying to test the highs

Its going to crash!!! See AJ and NJ perfect patterns

At the moment, I'm looking forward for a potential of "Bull Trap" pattern and a bearish reversal trend scenario either refering to the alt counts in yellow or aqua. A breakout to the lower red trendline would bolster to this scenario. Otherwise, I believe we may see another bullish continuation trend scenario in white. Good luck.

At the moment, I believe market in progress to perform a bearish retracement trend scenario either to complete wave 4 in white or a major corrective wave B (yellow or aqua). A further breakout to the lower red trendline and the bearish continuation critical line 1 would bolster to this scenario. Good luck.

next support and resistance areas

The formation here seem to be a double top. Is the downtrend resuming? I think there will be just a retrace:

this pair formed, double top

either breakout = buy stop at 133.50

or plummeting down = sell stop at 129.8

same scenario as in ej

gj finished abc of correction so what's next?

as wave b and c both did not exceed wave a it looks like 2 converging trend lines are developing which possibly are leading to a 3-3-3-3-3 symmetrical abcde triangle

these triangle formation would favor a reversal to the downside

a break of the upper trend line would negate this scenario

edit: i added a weekly chart..here it looks abc correction is finished as wave c took out wave a high..turning wave c into wave 1 of the new uptrend...the weekly stochs crossed already suggesting that the current wave is exhausted...from here upside might be limited to 135 area max. or 300 pips at first...corrective wave 2 should be minimum to 127 area (500pips)

Looking for a retest of this broken trendline for a great buying opportunity... may not come though, I`m seeing thousands of pips above.

I agree with your conclusions. GJ completed its wave A and then wave B close to the top. I suspected that this current move was wave 2 and, SO FAR, it hasn't broken above wave 1.

The new top of channel extending down from 140 is now quite clear. At the moment the 4 hr is looking at rolling over, as is weekly and, for the first day of the month, so is monthly (but only on the CCI and Yen strength indicator).

Will be looking at a bounce at the 23.6 retracement level at 129.60, where the 4hr 200sma and 200ema sit. Then 127.2/126.5 area to complete wave 3 (which may end up only being wave 3 of wave A to the downside, per this chart ... )

Favourably, I believe market in progress to complete a "bull trap" pattern eithr refering to the alt counts in yellow or aqua. A pullback from aqua/yellow critical line or a false breakout would bolster to this scenario. Therefore, I'm looking for an opportunity toward a bearish retracement trend scenario to complete corrective wave c. Otherwise, please be careful for another extension of subwave v/5 in white. Good luck.

gj looks a bit messy .. i am not sure if it is the end of wave 3... cause i get very mixed signals ...rsi is not voting for big new lows but the 38.2 retracement level which would be a proper correction target is still 200 pips away...if it is just an extended wave e of the 3-3-3-3-3 abcde..it could mean the correction is soon over and the bull trend continues ....the whole downmove from point d can't be a bigger wave 1 cause it has a zigzag structure and not 5 subwaves.....so as i have no clear oppinion here i do nothing , just watch closely