Technical FOREX analyses by IVT

This is a discussion on Technical FOREX analyses by IVT within the Daily Analysis forums, part of the Commercial category; In the monthly time frame, the EUR/USD seems to have completed a wave 2 (green). This statement means that prices ...

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Old Mar 9, 2018, 12:29am   #46
Joined Nov 2017
GBPJPY : A swing short opportunity to come - 08/03/2018

Lud Trader started this thread In the monthly time frame, the EUR/USD seems to have completed a wave 2 (green). This statement means that prices are expected to build a bearish impulsive move (wave 3 green).

In the weekly timeframe, prices seem to have built the sub-wave 1 and 2 of the expected wave 3, so the GBPJPY could be building the sub-wave 3 (orange) of a wave 3 (green). However, prices have only retraced up to 50% of the previous bearish move, so the market might go higher up to 168.33 (red rectangle).

In the daily time frame, it is difficult to know if the sub-wave 3 (blue has been completed). Prices are currently testing the upper line of a downward channel. If prices break above the trendline and the resistance level (grey line), it will make the most sense to look for buying opportunities.

To sum up, on the long-term, we are looking for an entry point to sell the GBPJPY, but in the medium-term, it makes the most sense to look for buying opportunities. However, if an opportunity to short the market comes up, a notification will be sent to all our VIP members.
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