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The GBPJPY structure shows a primary complex pattern consisting of an (A)-(B)-(C) standard zigzag.

Wave (A) is a 5-wave bullish impulse, and wave (B) a double zigzag consisting of minor sub-waves W-X-Y. Wave (C) is currently under construction, and it is also a 5-wave bullish impulse.

The minor degree impulse wave 1 looks fully completed. Now, the market is moving down in wave 2.

In the short term, we could see prices decline near 130.47, at 61.8% of wave 1. Then an upside in waves 3, 4, and 5 should follow.

GBPJPY

An alternative scenario indicates that the correction wave (B) is a triple zigzag W-X-Y-X-Z.

According to this structure, we are now correcting in the final wave Z.

If this hypothesis is correct, then we could see wave Z end near the 128.82 area.

At that level, wave Z will be at the 61.8% extension of lines of minor waves x-y-x.

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