On the intraday chart of GBPJPY, we are observing a nice three wave impulse from the lows at 128.55, from where a possible new bullish cycle has started. For now we think that price is trading in red wave (iii) as part of a strong blue wave iii-circled. We see that price recently traded above the upper corrective channel line, which can mean that more upside is in store for this pair, and that after blue wave iii is completed, the upper corrective channel line can act as a support for blue wave iv.