GBPJPY has just completed a 5-3 "impulse-corrective" wave cycle. According to the wave principle, once a 5-3 wave sequence is completed, we should expect the price to resume in the direction of the impulse pattern. In GBPJPY's case, the impulse is bullish in wave "a".
I will look for the break of the green lines to confirm my bullish thesis and have my stop loss at the red line. The price has the potential to reach the upper boundary of the parallel channel.
What's your view on GBPJPY? Let me know in the comment.
Thanks,
Veejahbee.
I will look for the break of the green lines to confirm my bullish thesis and have my stop loss at the red line. The price has the potential to reach the upper boundary of the parallel channel.
What's your view on GBPJPY? Let me know in the comment.
Thanks,
Veejahbee.
