(GBP | JPY) Forex Trading Analysis Today Forex Forecast | July 16, 2023 | GBPJPY Analysis

Forex Trading Analysis

I am going to analyze the GPU JPY currency pair let us start the top-to-bottom Elite wave analysis inside the daily time frame the trend is up in GP gen currency pair daily time frame support is present at 172.67 price level price action is most likely going to rise up and then drop to print bearish way for a pullback after that I expect bullets with 5 impulse lag incoming trading days a decisive bearish break below 172.67 support area is going to end up Trend in the daily chart of GPT fpy currency here

Next, let us take a look at four-hour time frame price action is printing lower swing highs and lower swing lows to me GP JPY pair Trend looks down in four-hour time frame

Take a look at one-hour time frame the trend is down in one-hour chart intraday resistance is present at the 184.01 price level price action is most likely going to rise to print a bullish wave X pullback after that I expect a bearish Wave Y double zigzag leg which offers a chance to join the downtrend in GP JPY pair with a decisive bullish breakout above 184.01 resistance level is going to end downtrend in one hour chart of Great British pound versus Japanese yen currency pair to be more specific the red color highlighted area offers the selling opportunity which is the previous wave B of one lesser degree take note you must always trade with money management rules to control risk