Forex Trading Technical Analysis

Hello Traders I'm going to be analyzing the (GBPJPY)

Hello Traders I'm going to be analyzing the pound Yen starting on the monthly and working my way down to the one-hour time frame so on the pound Yen monthly I still believe this looks like an uptrend for an ABC down for the B I think this is a one-two and a three of wave C which I still think is going to go all the way up to about the 203 area at the 100 Fibonacci extension of wave a projected at the bottom of what I think is an ABC

let's head down to the weekly time frame the weekly the time frame I think this over here is a one this is a two and this is all part of a wave three probably like a one-two of three I do not see us bouncing off any FIB levels I do not see any breakup the structure I do not see any reason to think this uptrend is over

I am still going to be looking for Longs on sort of time frames going down to the Daily time frame like I said no Fibonacci bounce no that's a break it looks like it's wanting to make a little bit of a pullback but I think the trend is still up and I think that it will continue up so let's take it right down to the four-hour time frame now on the four-hour time frame you can start to see this pullback a little better it does kind of look like a complete ABC correction I think there's a good sense it may just keep on trending up from here but even if it does make a move to the downside it's probably just going to be part of a wave C and later on it will continue up in a way so like I said I am looking for Longs unless it goes down and breaks this low right here unless that happens I will do nothing on the solar time frame

Longs in an uptrend so going down to the one-hour time frame whatever type 5 we got a real choppy pattern right here but it kind of looks like this move up right here looks all very corrective like a way B and it kind of looks like this puts down the could be the wave C I think there's a very the good likelihood that it will just keep on trending up now even if it does go down

I think it's just going to be like a wave C like this is like an A and this is a b and this is a c and maybe bounce off one of these lower Fibonacci then end up continuing the Trend I think the 50 is a very likely Zone especially because 100 Fibonacci extension is right there so maybe it'll go down if we test that 100 and then continue the uptrend

Happy Trading Good Luck