GBPJPY The whole picture

Hello!

Today I want to review GBPJPY on bigger TFs.

Let us begin with D1 - daily chart.




Here you can see main descending impulse, and right now we probably making the 4th wave - the most difficult to find and to trade.
As you can see, price is lower then 233, 55 and 21 MAs, and also there is no divergence with AO (MACD with 5-34-5 parameters is the same).
So nothing should change main descending trend right now.

Ok, no to H4 chart - 4 hours.



On H4 you can see the 4th wave only. I have mentioned its structure on the chart, and now the only thing I want to say is, that 4th wave can be a tricky itself, but now, more then that, we have wave B in the 4th, so things getting worse for us, dear traders.
Wave B in corrections is as tricky as the 4th wave in impulses. Right now it have already made 5 wave patterns, and we can't be sure that it is all. We have to keep in mind irregular corrections as well (W-X-Y type, where each of its waves consists of A-B-C pattern, so it is 3 corrections in one, if to put it simply).
On this TF 233 MA is higher than price, but others not. Also there is some kind of small divergence already, but we will talk about this moment on the smaller TF.

H1 chart - 1 hour.



Ok, now you can see it all. Divergence, ALL MAs are crossing the price. Seems that reverse will be soon. I think picture is better than words, so check it out, and ask questions if you will have any.

And as a conclusion, I can say, that we will probably have an ascending movement soon, but we have to keep in mind, that bigger TFs still have their targets at the bottom.

It is all for now.

Good luck in your trading!

Best Regards,
Anthony Schneider.