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The current GBPJPY formation suggests a cycle degree flat a-b-c.
Wave b has completed on a triple zigzag pattern. This pattern consisted of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
Following wave b, we are now in the final cycle of wave c. We have ended the first 5-wave impulse in primary wave ① of c as well as wave ②. We now expect the emergence of primary sub-waves ③-④-⑤.
Hence, we should anticipate a decline in the support near 124.24. This is the previous low formed by the zigzag wave a.
An alternative scenario shows triple zigzag b has not yet been completed.
Bullish zigzag wave [Z] is in development and consists of intermediate sub-waves (A)-(B)-(C).
Bearish correction (B) has been completed, and we are now at the beginning of impulse (C).
The impulse could reach 142.80, or even higher. This level is the previous high that the impulse wave (A) formed.
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