GBPJPY; Upward Correction About To End

After breaking of the upward channel, we have witnessed an impulsive decline in 5 waves. This impulsive decline has been followed by a seemingly irregular flat 3-3-5 correction which should be at or near completion, specially since the price is now at a stiff classic resistance zone.

If bears manage to take out the 185.111 support, I will be bearish for a 500 pips decline.

Good luck,

Ali Sharif Azadeh, CFTe