GBPJPY; Upward Correction About To End

FX:GBPJPY   British Pound / Japanese Yen
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


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