The GBP/JPY has been dropping as suggested in my previous article but at this point it has formed a bullish Wolfe Wave structure straight at ATR pivot point. Boosted by better than expected CPI, the GBP has made a slight recovery but for further upside it needs to break 137.50 with a steady upside momentum. The final target is 138.30 as 1-4 Wolfe Wave target will hardly be reached today (139,80). However, since this Wolfe Wave is not strict as point 3 is below point 1 it might be invalidated. Invalidation will come at the break of double bottom at 137.10. If this happens next target is 136.82 followed by 136.53.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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