FX:GBPJPY British Pound/Japanese Yen
As we can see on the updated chart from yesterday, we see that price made a nice correction in wave (iv), and then made a nice reversal higher near the 38.2 , which usually acts as a support and a turning point for fourth wave corrections. Anyhow we now believe price can still reach higher levels within blue wave iii around the 1.618 and 2.0 Fibonacci ratio, before a possible higher degree correction can kick off.
Yes the higher degree correction of blue wave iv could complete around the area of a formal wave iv, meaning in our case around the 136.35 region. Regarding the higher time frames as Daily, GBPJPY could face a three wave bullish recovery, as we believe that larger downtrend is completed.