Elliott Wave Analysis: GBP/JPY Trading In A BIG 3 Wave Reversal

GBP/JPY is turning bullish for the last few weeks, with a clear impulse shown on the 4h chart which however may come to an end in the near future as we expect final push up to 150.00 psychological level, where wave 5 can complete a higher degree cycle label as wave A). As such, traders should be aware of a turn down at the start of the year, but only for a three wave retracement based on daily count.

GBP/JPY, Daily

GBP/JPY Daily Chart

Regarding the 4h view, we can see price trading lower from recent wave 3 highs, probably in a temporary correction of wave 4. Because of overlapping price development we labeled this unfolding correction as a double zig-zag with a probable reversal zone around the former wave iv swing at the 143.136 level. If price continues to trade lower and beneath the 143.136 level, then wave 5 could have already posted its highs and a new reversal lower is already unfolding.

GBP/JPY, 4H

GBP/JPY 4 Hourly Chart

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