GBPJPY : Trading In An Ending Diagonal

We are tracking an ending diagonal on the Daily chart of GBPJPY. Price could reverse after black wave 4 is completed and go higher into black wave 5 in weeks ahead.
An ending diagonal is a five wave pattern within contracting trend lines, where overlaps of waves 4 and waves 2 are allowed. It usually occurs at the end of a big trend and indicates a sharp reversal. In our case that means that GBPJPY could turn sharply to the downside, once wave 5 reaches a new high.

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