Photo by Jay Gomez on Unsplash
GBPJPY was in a strong bullish rise from the start of 2023, but five-wave bullish cycle within wave C of B suggests that the cycle can be coming to an end. With the current sharp reversal back below the channel support line on a daily chart, seems like 5th wave is completed and higher degree wave C of B resistance is in place, so watch out for strong bears at the end of 2023.
Looking at the 4-hour chart, the GBPJPY pair is in massive and impulsive decline, breaking important EW channel support line, which means that resistance can be in place and a new five-wave bearish cycle in progress towards 180 – 178 area, just be aware of the short-term 4th wave pullbacks.
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