GBPJPY - Initial targets of the uptrend 145.00
The analysis of this currency was very mixed at first, by referring to the monthly and weekly time frame. In the monthly chart, the price is forming the Diagonal pattern in the 5th wave.
the weekly chart shows the structure of the waves, which shows that the price is in the B wave from the V point. We knew that the specified movement in the blue box was corrective and had the structure of WXYXZ (Complex wave).
(Weekly Chart )
in daily chart , B Wave from V point is probably in the form of Double Zigzag, which of that W wave is finishing in the range of 156.611, and the X wave is ending in the range of 124.08. Given that it is Double Zigzag pattern, we expect a 3-way uptrend in the C wave, which is determined by the Fibonacci percentages in the range of 157.00, this range is the weekly and monthly and the very good area for B wave to be completed.
(Daily Chart)
But in the 240-minute chart that was shared, we had a good response to the daily channel line, and currently the price is located in the iii wave.
The reason we chose the 145.00 range as our primary target is because it is the end of the channel.
We will monitor this currency more in the future.
the weekly chart shows the structure of the waves, which shows that the price is in the B wave from the V point. We knew that the specified movement in the blue box was corrective and had the structure of WXYXZ (Complex wave).
in daily chart , B Wave from V point is probably in the form of Double Zigzag, which of that W wave is finishing in the range of 156.611, and the X wave is ending in the range of 124.08. Given that it is Double Zigzag pattern, we expect a 3-way uptrend in the C wave, which is determined by the Fibonacci percentages in the range of 157.00, this range is the weekly and monthly and the very good area for B wave to be completed.
But in the 240-minute chart that was shared, we had a good response to the daily channel line, and currently the price is located in the iii wave.
The reason we chose the 145.00 range as our primary target is because it is the end of the channel.
We will monitor this currency more in the future.