Elliott Wave Analysis: GBPJPY Intra-day Decline

GBPJPY is trading in a potential three-wave decline, labeled as a-b and c. We see waves a and b completed, which means current intra-day drop lower can be wave c. Ideally wave c will now reach even lower levels and later search for a base near the middle or lower channel line. The Fibonacci ratio of 100.0 can also act as a region of support and push price higher.