ew-forecast

GBPJPY II: Temporary Correction Within Bullish Momentum

FX:GBPJPY   British Pound/Japanese Yen
On the 1h chart of GBPJPY             , we are observing a nice impulsive structure taking place, from recent lows where we labeled the start of a new bullish cycle. That said we believe that this strong upward action may be blue wave iii-circled, which can reach even higher levels, but only after a temporary correction in sub-wave iv unfolds.
If price reaches the upper corrective channel line around 134.59 area, then pair could already be trading in a higher degree corrective wave iv-circled.

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