GBPJPY has broken out of its base channel, pushing above the 208 level, an important resistance dating back to 2024. This breakout confirms a strong recovery, with price action forming what appears to be a five-wave impulse originating from the 192 area.
Following a completed pullback in subwave 4, the pair is now resuming higher within subwave 5 of wave (3). This suggests continued bullish momentum, with potential upside targets in the 216–219 zone before a higher-degree wave (4) correction unfolds.
WWW.WAVETRADERS.COM
Looking ahead, key support for the next corrective phase sits around the 208–207 area. The broader bullish outlook remains intact as long as price holds above the 200 level, which serves as a critical invalidation point for the current wave structure.
For more analysis like this, you can watch below our latest recording of a live webinar streamed on April 27:
/Quantum%20Computing/A%20concept%20image%20of%20a%20green%20and%20yellow%20motherboard_%20Image%20by%20Gorodenkoff%20via%20Shutterstock_.jpg)
/Amazon%20-%20Image%20by%20bluestork%20via%20Shutterstock.jpg)
/Tesla%20Inc%20logo%20by-%20baileystock%20via%20iStock.jpg)
/Intel%20Corp_%20badge%20holder-by%20hasrul_rais%20via%20Shutterstock.jpg)
/Advanced%20Micro%20Devices%20Inc_%20office%20sign-by%20Poetra_RH%20via%20Shutterstock.jpg)