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Guest Commentary: GBPJPY Trades Higher Into Wave 5

Guest Commentary: GBPJPY Trades Higher Into Wave 5

2013-11-14 16:19:00
Eric Morera, Technical Strategist
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Pair has made new highs above 160.00 as expected and leaves no doubt that rally from 154.67 is wave ( 5 ) of an Ending Diagonal structure from 6.13.2013 low. Momentum (RSI) divergence is visible making this a text book structure which should conclude in the next few weeks between 161.30 (inverse 1.236 FE) - 163.34 (inverse 1.618 FE) and would leave the pair vulnerable to a sharp downside reaction.

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Eric Morera, Elliottwave-Forecast.Com

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