GBPJPY Might Have Peaked, as we see a completed five-wave bullish cycle from a technical perspective and by Elliott Wave theory.
We talked about GBPJPY back on September 18th, where we mentioned and highlighted that is eyeing 190 area for the 5th wave after a wave 4 pullback. CLICK HERE
As you can see today after 3 months, GBPJPY jumped close to 190 area for wave 5 and turned sharply down, which is signal that it might have peaked. Currently we are tracking a minimum three-wave A/1-B/2-C/3 decline, but in both cases there’s room at least down to 172 area for wave C or maybe even lower for wave 3 of a new five-wave bearish cycle if goes decisively below 170 region.
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