July 8 - EUR JPY Delta MTD

MTD 7 low was due around the red vertical line in the past two cycles. We are now in that position now, so I will be looking for medium term bottom soon.

Higher picture, MTD 6 high (139.2) has to be LTD 2 high as well because there has been three series of higher high from the low of 112 to the high of 139.2. Delta only allows a maximum of 3 series of higher high.

This means that LTD is travelling down. So even though MTD 7 low is soon to be due and MTD will then travel up, since LTD is travelling down, we shall see a lower low and a lower high. This means MTD 8 high later will be lower than MTD 6 high (lower than 139.2).

You can see in the past two cycles, MTD 8 high arrival is very short. It's only a couple of trading days from the MTD 7 low.

July 8 - GBP JPY Delta

We are somewhere near ITD 7 low, probably could be due in the next few days. Notice in the past two cycles ITD 7 low was due slightly after the blue vertical line. Currently we are already 1 trading day after the blue vertical line. I am looking for an intermediate trend up to ITD 8 high to add short. That's probably on the third / fourth week of July. I currently have short at 159.8 and will keep it until mid August, currently with stop loss at 160.27. I will move the Stop Loss to 1 pip above ITD 8 high later after I confirm the position of ITD 8.

July 7 - LTD 15 likely arriving late

Price action with GBP USD has recently left me scratching my head, especially with the pair currently in inversion time period (ITP) for both ITD and MTD time frame.
But it looks now the situation is becoming a little more clear and here's my latest count that I am using.

In the ITD chart, we see that LTD 15 high arrived late at 1.674.ITD, MTD, and LTD are therefore now all travelling down. ITD 4 low will be due around July 13. A break of MTD 1 at 1.58 is required to confirm the position of LTD 15 high.

Although all time frames are now travelling down, LTD 16 low is going to arrive not too long from now. I circle the LTD 16 low time zone. I think it's likely that the downtrend will last until mid August as per my circle.

Looking at bigger picture LTD chart, once we finish this LTD 16 downmove, we'll rally higher one more time from probably around mid August to November of this year.