We have been bearish on GBP/JPY for some-time now as we were looking for that breakdown into the fifth wave of decline which came out of a triangle. We know that triangles occur prior to the final stages within higher degree trend, which means that sooner or later pair may turn up for a recovery. But still, we need a completed five sub-waves down in red wave v) from 149.82 before low can be seen; maybe around 146.00. The hourly chart suggests further decline into wave v.
GBP/JPY, 1H
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