On the 4h chart of GBPJPY we are looking at a triangle correction pattern taking place, that is located in black wave 4 with still two more waves to go, waves d and e for the full completion of the pattern. That said intraday structure suggest that price could be now trading in blue wave d-circled, after recently completing blue wave c around the 139 area.
As we know a triangle correction is a continuation pattern that can after its completion point to lower levels, as in this case.
As we know a triangle correction is a continuation pattern that can after its completion point to lower levels, as in this case.
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