gbpjpy completes the fifth wave
recently since the release of CPI on thursday gbpjpy has been trending to the downside but the down trend has not been comfirmed as it has broken the key support on the daily timeframe.
The move to the downside has just completed the fifth wave and is at the 0.6 fib ratio , trendine support also at the support zone which started the wave to the upside.
These comfirms the potential continuation of the uptrend, but we will be waiting for a bullish break of structure to complete the confirmation as a result institution long positions.
The move to the downside has just completed the fifth wave and is at the 0.6 fib ratio , trendine support also at the support zone which started the wave to the upside.
These comfirms the potential continuation of the uptrend, but we will be waiting for a bullish break of structure to complete the confirmation as a result institution long positions.
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