GBPJPY Chart Technical Outlook stalls at 88.6%, posts an Outside Candle the cross has stalled at the 88.6% pullback level of 182.93. This is a common Fibonacci retracement in cypher patterns.
It is likely that the four-hour chart will post a bearish Outside Candle. This formation is often seen at the top of a trend and the start of a new downward bias.
Elliott Wave enthusiasts may look to this as the completion of a bullish 5-wave count and the end of the current trend.
Looking at the single currency basket, we can clearly see a bearish 5-wave count has been completed. This would suggest that we now see yen strength, and therefore GBP/JPY weakness.
