According to the current chart, it can be assumed that the GBPJPY pair forms a global corrective trend taking the form of a double zigzag. On the 1H timeframe, the final part of this trend is visible - the actionary wave y of the cycle degree.

It seems that the wave y takes the form of a triple zigzag of the primary degree, which may soon be fully completed. After the end of the second intervening wave, which took the form of a triple combination, the price began to move up.

Most likely, the wave takes the form of a triple zigzag, in which four parts look finished. In the next coming trading weeks, growth is expected within the final intermediate wave (Z).

The completion of the entire wave is possible near 184.74. At that level, wave will be equal to wave.

In the second variant, the market builds not a double, but a triple zigzag of the cycle degree w-x-y- x-z. And now its fourth part is being formed, that is, the intervening wave x. This wave, judging by its structure, may take the form of a triple zigzag.

It is assumed that the first four parts of the primary correction pattern are fully completed. That is, the sub-waves.

Perhaps in the near future, the market will fall in the last wave to 148.14. At that level, wave x will be at 50% along the Fibonacci lines of actionary wave y.

A successful breach of the 165.00 level, (October 10 21, and 24 lows) would negate the upward trend from late=September lows and increase bearish pressure towards the 50 and 100 days SMAs, now at 164.00/15 area and, below there, probably 162.60 (October 11 high).

On the upside, the pair should break intra-day resistance at 166.00 and 167.15 to ease the near-term’s bearish pressure and aim toward session high at 168.20.

Another "Z" wave to the upside is expected to complete the cycle

Nov 07 2022