Hi traders,
The GBPJPY seems to have completed ABC zigzag corrective chart pattern, which could indicate a continuation of the uptrend.
.
GBPJPY bearish correction is probably a wave (iv) of a larger impulsive wave 1.
Considering that the price has breaks above the blue CTL after rejecting a swing level that lined up with moving averages and 38.2 Fib ratio; we have a valid reason to buy this pair.
.
Price has the potential to move higher and complete impulsive wave (v) "blue." The main target is -27.0 FE that lined up with descending channel resistance as projected on the chart.
.
Thanks for reading!
The GBPJPY seems to have completed ABC zigzag corrective chart pattern, which could indicate a continuation of the uptrend.
.
GBPJPY bearish correction is probably a wave (iv) of a larger impulsive wave 1.
Considering that the price has breaks above the blue CTL after rejecting a swing level that lined up with moving averages and 38.2 Fib ratio; we have a valid reason to buy this pair.
.
Price has the potential to move higher and complete impulsive wave (v) "blue." The main target is -27.0 FE that lined up with descending channel resistance as projected on the chart.
.
Thanks for reading!
