gbp-jpyTrend is bullish in four hours time frame. Vital support is present at 132.23 price level. In last few trading days, price has printed a possible bullish Impulse Elliott Wave pattern. Now price could print a short term bearish pull back – Wave 4 and rise back up to print bullish Impulse Wave 5 leg.

A good idea is to long the market as long as price stays above 132.23 support level. If market drop below 132.23 support level then up trend is going to fail. In such case, I would prefer to stay out of the market and re-analyze the price action in GBP/JPY currency pair.

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