DislikedGBP/JPY's break of 158.56 minor resistance suggests that pullback from 160.44 has possibly completed at 154.85 already. Intraday bias is flipped back to the upside. Further break of 160.44 high will confirm recent rise has resumed and should target 55 weeks EMA at 162.21 next. On the downside, below 156.61 minor support will indicate that fall from 160.44 is still in progress and argue that a short term top is in place already. Deeper decline could then be seen to 150.86 resistance turned support.
In the bigger picture, there is no sign of topping...Ignored
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At this moment, I believed market in progress to complete wave 5 either in yellow or magenta. Favourably, I'm looking forward for any possibility to a truncated wave 5 in yellow before expecting for a bearish reversal trend to complete major wave 5. But please be careful since we may see an impulsive wave 5 to complete major wave 4 in magenta. A breakout either to the lower red trendline or white/yellow critical line would unfold the more likely trend to be perform later. Good luck.