GBP/JPY could have completed the first two waves of wave 5/ higher and if this is the case, then we should see GBP/JPY continue higher towards 178.40 in the coming weeks. That said, we have an alternative scenario with almost equal odds calling for more downside action to complete a complex correction in wave 4/. If this scenario proves to be correct then a decline below 155.93 with the possibility of a deep decline to 149 before starting to move higher will become possible. Therefore we recommend waiting for a break above minor resistance at 169.28 before engaging here as the risk of being caught on the wrong side of a trade is too large.
Relevance up to 07:00 2022-12-29 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
