GBP/JPY Nearing Important Reversal

Ville Vainio

June 15, 2015 @ 4:33 pm – GBP/JPY on a sideways price action so far today. I am looking for a little more upside before larger reversal can occur. 193.00 or little above that would be plausible target for this ending diagonal pattern to find its peak. This uptrend has been weakening for weeks and can end violently and swiftly. When this reversal takes place I am expecting a multi month bearish trend.

June 12, 2015 @ 3:39 pm – GBP/JPY is inching towards conclusion of this ending diagonal triangle formation. This is almost sideways price action and in my opinion ripe for reversal. We just have to be patient and look for signs of the reversal when it occurs. 193.00 could be one possible target although it does not hold any significant wave relationship target.

June 11, 2015 @ 4:58 pm – GBP/JPY has advanced from the yesterdays low and is approaching this ending diagonal trendline. The JPY pairs i forecast have similar situation where all three are nearing an important reversal point. This pair needs to move little higher in order to complete this ending diagonal. After this has finished i am expecting a swift reversal and multi week bearish trend.

GBP/JPY 4 Hour Chart

GBP/JPY Daily Chart