#gbpjpy GBPJPY on the daily timeframe is completing a textbook Elliott Wave pattern, where we observe a corrective ABC structure followed by an impulsive five-wave decline, forming a classic bearish setup. The recent price action shows a rising wedge formation within a potential wave (C), suggesting bullish exhaustion as price approaches a key historical resistance zone. The fifth wave of the current structure has just completed near a strong supply area, supported by weakening momentum. Given the confluence of wedge resistance, wave completion, and prior structural highs, a bearish reversal is anticipated, likely triggering a corrective leg to the downside. Traders should watch for confirmation through bearish candlestick patterns or a breakdown of the wedge support to validate the reversal.