3 "Buy-the-Dip" Scenarios for GBP/JPY
The preferred view in GBPJPY suggests that wave 4 has completed at 168.27 and the pair has now resumed its rally to new highs above 174.82. Any pullbacks should stay above 168.27 in order for this primary view to remain valid. Alternatively, GBPJPY could stage a double correction and would still be a buy in seven swings, so our strategy remains to buy the dips in 3, 7, or 11 swings.
By Eric Morera of Elliottwave-Forecast.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.