The current GBPJPY structure suggests that we are on a bullish 5-wave impulse formation, consisting of minor waves 1-2-3-4-5. Waves 1-2 and 3 are completed, whereas minor wave 4 is under construction but likely to end the correction near 139.50 soon.
Wave 4 has a sideways structure, which reminds a flat, however, ıts gradually contracting pattern hints to a triangle.
Note that the impulsive move is most likely a part of the larger intermediate “three” pattern, (A)-(B)-(C).
A closer look shows that minor wave 4 consists of minute waves ⓐ-ⓑ-ⓒ-ⓓ-ⓔ, which form a triangle.
Wave ⓓ seems to be ending its upside move a the time of writing and soon we could start seeing the final wave ⓔ taking form.
Impulse wave 5 has a target near 146.28, which is the 61.8% Fibonacci extension of the minor impulse wave 3.
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