GBPJPY moved pretty corrective for the last weeks forming Wave B. This is typical for this correction pattern.
We now got:
After the rapid movement of wave A and the corrective retest of wave B, we should now see a pretty fast 5-waved move to the downside.
This will be wave C and it will finish off wave 2.
First target is still 300 pips away and is to area of wave 4.
Here is the previous analysis:
The market needed to correct a bit more, but the direction is long given.
We now got:
- Sell Pinbar at key resistance
- 50% Fibonacci retracement of Wave A
- Break of rising trendline
After the rapid movement of wave A and the corrective retest of wave B, we should now see a pretty fast 5-waved move to the downside.
This will be wave C and it will finish off wave 2.
First target is still 300 pips away and is to area of wave 4.
Here is the previous analysis:
The market needed to correct a bit more, but the direction is long given.
