GBPJPY: Triangle Completion Hints to 145 Stop

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GBPJPY seems to be forming an intermediate bullish impulse (A) consisting of minor sub-waves 1-2-3-4 and 5.

The current structure suggests that the minor corrective wave 4 is a triangle and it’s coming to an end soon.

After the full completion of wave 4, we could expect bulls to start pushing prices higher to form minor wave 5.

gbpjpy

A closer look at the 1H timeframe shows that wave ⓔ of the minute triangle is under development. That would mark the final leg of triangle wave 4.

Wave ⓔ of wave 4 consists of minuette degree waves (a)-(b) and (c).

Shortly, we could see the completion of the wave ⓔ near the 139.48 confluence level. That could be followed by a bullish move near the 145, where minor wave 5 will be at the 50% Fibonacci extension of impulse wave 3.

gbpjpy 4h

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