Forex Trading Library

GBPJPY: 148.65 Likely To Complete Intermediate Impulse (A)

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

The first four parts of the impulse look complete, whereas wave 5 is under development.


A closer look at the 1H timeframe shows a minute structure of a potential bullish impulse move.

Focusing on the most recent price action, we can notice that the minute wave ⓘ hints to a fully completed 5-wave impulse.

We could then see bulls pushing higher following a successful minute-degree correction, if not already done.

The next stop could see the 148.65 area taken over. The target would respect the tenancy of minor impulse waves 1 and 5 being equal.


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