By Orbex
The GBPJPY currency pair is most likely moving within the cycle impulse, with wave III under development.
We can assume that the correction wave ④ of the primary degree ended at the end of December. This correction took the form of an intermediate triple zigzag.
Since then, we have observed a rise in the price in the primary wave ⑤. In turn, this takes the form of an intermediate 5-wave impulse (1)-(2)-(3)-(4)-(5).
The entire primary wave ⑤ can complete its pattern near 163.52. At that level, it will be at 61.8% of wave ③.
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Alternatively, the primary wave ⑤ is not an impulse, but an ending diagonal in which an intermediate correction wave (4) is under construction.
Perhaps wave (4) will be a triple W-X-Y-X-Z zigzag of the minor degree, as shown in the chart. In the near future, prices could lower in the minor sub-waves Y-X-Z to the level of 152.00.
After reaching the specified price level, the price is likely to increase within the final intermediate wave (5) to the previous maximum of 158.25.
Article by Orbex
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