GBPJPY can be eyeing 190 area, as we see an unfinished five-wave bullish cycle from technical point of view and by Elliott Wave theory.
GBPJPY pair has recently moved to a new high, after coming higher out of wave (4) running a triangle pattern at the start of 2023, so it’s ideally trading in final wave (5) od C of B. However, there can be still room for another push higher as the current recovery from 158 is an incomplete impulse.
It’s ideally now slowing down within subwave 4 of (5) before a continuation higher for wave 5 of (5). The first support is at 180, and then the second at 176.50 for a flat.
Basic Elliott Wave impulse is strong and impulsive movement, which should be completed by five waves in different degrees.
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