The short term GBP/JPY Elliott Wave view suggests the decline from 5/10 high shows a 5 swing sequence, thus favoring more downside. A decline from the 5/10 high is unfolding as a double three Elliott Wave structure.
Below the 5/10 peak (148.11), a Minor wave W ended at 141.47 and Minor wave X ended at 143.96. Minor wave Y is currently in progress and has scope to retest a 4/16 low (135.58). Support can be seen at the 135.7 – 137.3 area for at least 3 waves bounce.
Subdivision of Minor wave Y is proposed to be unfolding as a triple three Elliott Wave structure. Down from 6/1 peak (143.96), Minute wave ((w)) ended at 140.68, Minute wave ((x)) ended at 142.77, Minute wave ((y)) ended at 139.52 and Minute second wave ((x)) ended at 141.11. Near term, while Minute wave (x) bounce stays below 141.11, and more importantly below 143.95, expect the pair to extend lower. We don’t like buying the proposed bounce.
GBP/JPY 1 Hour Elliott Wave Chart 06/13/2017
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