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Guest Commentary: GBPJPY Trades Higher Into Wave 5

Guest Commentary: GBPJPY Trades Higher Into Wave 5

Eric Morera, Technical Strategist

Pair has made new highs above 160.00 as expected and leaves no doubt that rally from 154.67 is wave ( 5 ) of an Ending Diagonal structure from 6.13.2013 low. Momentum (RSI) divergence is visible making this a text book structure which should conclude in the next few weeks between 161.30 (inverse 1.236 FE) - 163.34 (inverse 1.618 FE) and would leave the pair vulnerable to a sharp downside reaction.

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Eric Morera, Elliottwave-Forecast.Com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.