WaveSavvyTrades

Is GJ about to sell off again?

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OANDA:GBPJPY   英鎊 / 日圓
This symbol seems to have been trading in a channel and following a somewhat complex wave pattern. I chose the line chart because it eliminates a lot of the noise in the current market and makes things clearer. The line chart shows that the current price is in a broadening descending wedge, and has or is completing the 'abcde' pattern. More often than not, price in a broadening descending wedge tends to follow the direction of "b" (down in this case) after completing the "abcde" pattern. Further, price seems to be at the resistance of the wedge which is also the resistance and or the high of April 2022. Further, the RSI seems to be showing divergence with the price again adding to the bearish scenario. With all things being equal, price should reverse to the 149 region (wave 4) to complete wave C.

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