By Orbex
In the long term, the GBPJPY currency pair is most likely moving within a cycle impulse. Now the third part of this impulse, wave III is under development.
The second half of the powerful impulse wave III is visible in the 1H timeframe. And the decline in the bearish correction of the primary degree may end soon. This correction takes the form of an intermediate triple zigzag.
Most likely, the price will fall to the previous low of 148.89. This was marked by the minor sub-wave W, and then we can expect a price increase in the primary wave ⑤. In turn, this wave may take the form of either an impulse or an ending diagonal.
The entire primary wave ⑤ could complete its pattern near 167.74. At that level, it will be at 61.8% of wave ③.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
An alternative scenario suggests that the formation of the primary correction ④ may continue for a longer time than in the first variant. It may take the form of an intermediate double zigzag (W)-(X)-(Y).
The last actionary wave (Y) of the intermediate degree can take the form of a double combination and consist of minor sub-waves W-X-Y.
In this scenario, market participants may observe a bearish price movement within the final minor wave Y to the level of 142.76.
At that level, wave ④ will be at 61.8% along the Fibonacci lines of impulse ③.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
- COT Metals Charts: Weekly Speculator Changes led by Copper Jul 26, 2026
- COT Bonds Charts: Speculator Bets led by SOFR 3-Months & 5-Year Bonds Jul 26, 2026
- COT Energy Charts: Weekly Speculator Bets led by WTI Crude & Natural Gas Jul 26, 2026
- COT Soft Commodities Charts: Weekly Speculator Bets led by Corn & Soybeans Jul 26, 2026
- The US introduces new import tariffs for 60 countries. Brent crude surpasses $100 per barrel Jul 24, 2026
- USD/JPY Breaks Records: Nothing Slows the Yen’s Decline Jul 24, 2026
- Oil prices reached a 6‑week high. The AUD strengthened on the back of a strong labor‑market report Jul 23, 2026
- EUR/USD Recovers as Dollar Weakens Jul 23, 2026
- Bitcoin rose to $66,000. The New Zealand dollar continues to strengthen Jul 22, 2026
- Inflationary pressure is easing in Canada. In New Zealand, on the contrary, inflation is rising Jul 21, 2026
