On the GBPJPY pair, we see a nice looking five wave cycle from the lows, which seems to be near completion, as price turned down in recent sessions. If we are correct, and price continues to the downside, then we will assume that a three wave pullback will unfold, before more upside can be seen. Ideally this correction will continue to around 158-160 area, where previous wave iv of a minor degree, can react as a support into higher levels.
GBPJPY, 1H
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