has been bullish
for the last three years, we see an impulsive structure unfolding. Impulse is a five wave move and when this is completed we can expect a three wave retracement. In our case that means big three waves to the downside on GBPJPY
. However at the moment we see final leg in this impulsive sequence unfolding. We are tracking red wave (5) that can be an ending diagonal
with a new high coming to around 197. On the intraday chart we see a three wave setback that can be looking for a support near 192.50-193.00. Idealy market will turn up from this region while invalidation level 191.00 must hold.