GBP/JPY Short Term Bullish Analysis Long Term Elliott Bearish
Short Term Bullish Analysis
The 50d MA is above the 100d and the 100d is above the 200d which is a bullish sign. Price however is below the 50 and 100d MA's and just saw support at the 200d MA. Recent past shows RSI has been sensitive to oversold levels and it is getting close to 30 (currently at 40). Stochastics have been choppy in the oversold level, a breakout above highs could indicate trend reversal, another confirmation of trend reversal could come from a bullish MACD crossover. Resistance levels come from the 50 and 100d moving averages.
Long Term Bearish Elliott Wave Analysis (Posting this for critique)
Correction wave (4) began in July of 2016 with a zig zag and is now being considered a double three and is currently near the end of wave D of this triangle.
The 50d MA is above the 100d and the 100d is above the 200d which is a bullish sign. Price however is below the 50 and 100d MA's and just saw support at the 200d MA. Recent past shows RSI has been sensitive to oversold levels and it is getting close to 30 (currently at 40). Stochastics have been choppy in the oversold level, a breakout above highs could indicate trend reversal, another confirmation of trend reversal could come from a bullish MACD crossover. Resistance levels come from the 50 and 100d moving averages.
Long Term Bearish Elliott Wave Analysis (Posting this for critique)
Correction wave (4) began in July of 2016 with a zig zag and is now being considered a double three and is currently near the end of wave D of this triangle.