GBP/JPY, Technical Analysis – H4
The pair has already completed a 5-wave upward structure. As we have experienced, the market rarely delivers a seventh wave.
The pair has already completed a 5-wave upward structure. As we have experienced, the market rarely delivers a seventh wave. Therefore, traders should closely monitor the price reaction at the key support zone of 217,700–217,800 to determine whether the uptrend is fully exhausted or remains valid.
Key Levels:
□ 217,700 – 217,800 (critical support)
□ 216,500 (deeper support)
Primary Scenario:
Decline to the 217,700–217,800 zone, followed by an upward rebound.
Alternative Scenario:
Decline toward 216,500.
Analyst Commentary:
Considering it is Friday, when markets typically reduce activity and prepare to close positions ahead of the weekend, trading this pair today may offer limited profitability despite potential volatility.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.