GBP/JPY had already achieved its breakdown with 2 parallel channel bottoms. 1st one is Purple channel zone. 2nd one is Green channel zone.
Since 116.82, major-5 waves already topped out at 180.69. Since 180.69, wave-3 bottom had already met at 168.00. Since then wave-4 is going on which will retrace Fib.38.2% to 172.86. And then wave-5 is coming down to the Black Wolfe Line (162.75 in the end of Nov.)
If we look at the weekly chart, we will see that the currency pair broke the resistance line.
But!
Price is slowly coming back into the channel.
Recommendation buy long.
TP @ 177 515
vlad.adrian
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The channel has not been broken. It's is just a wick that penetrates it, not the body of the candle.
But!
Price is slowly coming back into the channel.
Recommendation buy long.
TP @ 177 515