Bottom should be seen between 156.02 - 156.21

FX_IDC:GBPJPY   British Pound / Japanese Yen
GBP/JPY             - Bottom to be found between 156.02 - 156.21

The decline from the 163.89 high has been relentless, but it's only part of an expanded flat correction and once the low is found a new strong rally higher should be seen.

The low should be found in the 156.02 - 156.21 area. At 156.21 we have the magic 70.7% corrective target of wave (I know that the 70.7% corrective target isn't a Fibonacci number, but it's seen more often holding back corrections to be a mere coincident). the 156.02 target is the limit for wave five of the small ending diagonal that has developed over the last couple of days. As the name "ending diagonal" says it marks the termination of the move and once finished a sharp reversal is expected.

The first indication of a bottom being in place is a break above minor resistance at 157.24, while a break above 158.01 confirms the low for a strong rally higher in wave . This rally will eventually take us back above the 163.89 top and longer term much more upside is expected.
Comment: Well that didn't work out at all...

Luckily the long trade wasn't triggered, so no real harm done other than to my pride.
Yes well the 153.62 is still in play
Nobody but nobody (except as Forexlive let slip: draghi) knew the NFP will be so bad. Number still dont add up for me though.... Employment down to 4.7% vs 4.9% expected WITH expected NFP of 164K vs the actaul 38K. Maybe my maths just hopeless

Still think we in play long term
EWS JVtrading
Agreed, the numbers is totally out wag
Nice chart.
1st hurdle reached. well done
EWS JVtrading
Thank you! Now we just need a clear break above 157.24, but it should just be a matter of time...
15 min Tf show 5 wave structure. That is a start that can be expanded on
EWS JVtrading
The rally of the 156.32 is likely a small five wave rally, but it isn't very clear and you still need a clear break above 157.24 to indicate the bottom is in place and the GO for a rally higher. As I said, it will likely just be a matter of time, but the GO hasn't been given yet and one final decline into the 156.02 - 156.21 area can't be ruled out yet.
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