My View On GBP/JPYBritish Pound vs Japanese YenICMARKETS:GBPJPYm0bh4y4tWhy I think the tops in Elliott Wave Structure Completed We’re now at the conclusion of a 5‑wave impulse (i→v) that tops off within wave (1), followed by an A‑B‑C corrective sequence. Wave C peaks right inside a major supply zone — classic exhaustion of bullish momentum. Resistance & Trendline Rejection Price hit a red supply/resistance area, tested it, and has already broken back below the short‑term upward trendline. That break is a reliable early signal that the uptrend is losing steam. Bearish Continuation Pattern Forming The drawn schematic suggests a sequence of lower highs is setting up—then a break toward the blue support zone near 196.60–197.40. All signs point to a deeper correction or even a fresh downtrend for wave (3). Technical Confluence at Wave (2) Wave (2) ends within multiple layers of resistance: a price zone, a wave count, and a rising wedge. Combined, this quadruple confluence is a textbook reversal scenario. Macro factors support a top: Central bank divergence is flattening Yen may rebound on global uncertainty Sterling faces domestic fragility