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February 23rd, 2018 @ 6:48 am by Muhammad Azeem

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GBP/JPY Elliott Wave Analysis

GBP/JPY Elliott Wave Analysis in 15 Minutes chart

Bullish trend is present in GBP/JPY currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Analysis few hours ago, the price of GBP/JPY currency pair is going to rise up now on a short-term basis to create a Bullish Zig Zag Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.

So, all those Forex traders who have followed my Elliott Wave Analysis have made the right decision as price has started the bullish leg. Strong key support level is present at 148.77 price level which is the termination point of Bearish Wave B leg. In my opinion, price action in GBP/JPY currency pair has not completed bullish wave C corrective Elliott wave pattern. So, based on Elliott wave analysis, Bullish wave C leg is going to start after few hours time and I expect the market to resume an up trend to rise towards 149.75 price area in coming trading hours.

Next, price action is most likely going to prints a short term top as well in coming trading hours after completing bullish corrective wave C pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current GBP/JPY bullish trend as it is always easy to trade in the favour of market trend. Currently, bullish wave C leg which is part of the Bullish corrective Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend around 149.27 price area.

However; if the price action in GBP/JPY spot Forex pair breaks below 148.77 important support level then Bullish Elliott wave analysis will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the GBP/JPY currency pair price movement in fifteen minutes chart. Forex traders who are interested to learn Price Patterns click here.

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February 23rd, 2018 @ 5:08 am by Setyo Wibowo

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EURUSD Forecast
The EURUSD failed to continue its bearish momentum yesterday topped at 1.2351. The bias is neutral in nearest term but as long as stay below 1.2537 price is still in a bearish correction phase. Immediate resistance is seen around 1.2360. A clear break above that area could trigger further bullish pressure testing 1.2400 area or higher. Immediate support is seen around 1.2260. A clear break and daily close below that area would expose 1.2175 and the trend line support area as you can see on my daily chart below. My major bullish trend remains valid but need a clear break above 1.2537 to end the current bearish consolidation phase and resume the bullish trend.

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February 23rd, 2018 @ 5:07 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD was indecisive yesterday. The bias is neutral in nearest term. Price is moving inside a bearish channel as you can see on my daily chart below suggests a valid bearish correction phase but as long as stay above the trend line support the major bullish trend should remain intact. Immediate resistance is seen around 1.3988. A clear break above that area could trigger further bullish pressure testing 1.4050 – 1.4100 region. Immediate support is seen around 1.3900. A clear break below that area could trigger further bearish pressure testing 1.3850 or lower.

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February 23rd, 2018 @ 5:06 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY had a bearish momentum yesterday bottomed at 106.58. The bias is bearish in nearest term testing 106.00 – 105.50 support area. Immediate resistance is seen around 107.20. A clear break above that area could lead price to neutral zone in nearest term testing 107.76 region which need to be clearly broken to the upside to resume the bullish pin bar scenario testing 108.50 area. Overall I remain neutral.

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February 23rd, 2018 @ 5:04 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF had a bearish momentum yesterday bottomed at 0.9324. The bias is neutral in nearest term. Immediate support is seen around 0.9300 but key support is seen at 0.9250. Immediate resistance is seen around 0.9400. A clear break and daily close above that area would expose 0.9465 key resistance. Price has been moving inside a range area between 0.9465 – 0.9250 as you can see on my daily below and we need a clear break from that range area to see clearer direction. Overall I remain neutral.

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February 22nd, 2018 @ 4:59 am by Setyo Wibowo

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EURUSD Forecast
The EURUSD continued its bearish momentum yesterday as expected, bottomed at 1.2280 and hit 1.2264 earlier today in Asian session. The bias remains bearish in nearest term testing 1.2175 support area. A clear break and daily close below that area could trigger further bearish correction testing the trend line support and 1.2090 region which is a good place to buy. Immediate resistance is seen around 1.2330. A clear break above that area could lead price to neutral zone in nearest term testing 1.2375 area. My major bullish outlook remains valid but need a clear break above 1.2537 to resume the major bullish trend.

forex chart: eurusd trend line support

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February 22nd, 2018 @ 4:56 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD had a bearish momentum yesterday bottomed at 1.3903 and hit 1.3896 earlier today in Asian session. The bias is bearish in nearest term testing 1.3835 – 1.3750 support area. Immediate resistance is seen around 1.3950/70 area. A clear break above that area could lead price to neutral zone in nearest term testing 1.4025/50 region. The major bullish trend remains valid but we need a clear break at least above 1.4150 to potentially end the current bearish correction phase. On the downside, a clear break below 1.3750 would expose the trend line support area.

trend line support: gbpusd forex

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February 22nd, 2018 @ 4:53 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY continued its bullish momentum yesterday topped at 107.89 but traded lower earlier today in Asian session hit 107.14. The bias is neutral in nearest term. The bullish pin bar scenario remains valid but need a clear break above 107.89 to resume the bullish phase testing 108.50 or higher. Immediate support is seen around 107.00. A clear break and daily close below that area could trigger further bearish pressure testing 106.50 or lower. Overall I remain neutral.

bullish pin bar on daily chart: usdjpy

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