GBP/JPY In Bullish Impulse

Published 08/27/2020, 10:35 AM
Updated 07/09/2023, 06:31 AM
GBP/JPY
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GBP/JPY is trading in a five-wave recovery from 133.94 level. We specifically see price in a sharp rally now from the 138.22 swing low, which confirms a completed fourth wave correction, and a wave five of a higher degree wave C) to be under way. Possible resistance target for wave 5 of C) can be at 141.0/142.0 level, where various Fib. ratios, and the middle and upper Elliott wave channel line can project end of a bigger impulse, and push the pair into a minimum, three-wave reversal.

4h, gbpjpy

GBP/JPY 4-Hour Chart.

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