GBP crosses/JPY crosses/Technical Analysis

GBP/JPY technicals: Getting ready for a big move higher

Have a look at the daily chart and see what you think of my analysis, remembering that I’m an incurable bull on this particular pair.

  • Look back to January this year when we had a sharp 5-wave bull move which sets the scene:
  • This was followed by a nasty 3-wave retracement back to 119.00 before stability returned:
  • After sideways action, the bull trend recommenced from 120.80 to 128.80:
  • This move has retraced approx. 38.2% to a previous high at 125.75:
  • If a base can form here we will see the next leg of bull-move take this pair to 135+

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