GBPJPY: Month Chart

There's very little doubt in my mind that this pair will eventually go down probably to the 148 level at least. But if that happens, it's still a long ways off.

WAVE COUNT
The biggest clue to the future movement of this pair is going to be the wave count. It, of course, has to be correct if this prediction is to come true. I see this pair as being in a corrective phase following an impulsive phase. Being if that is so. then this corrective phase should have 3 waves. After the impulse wave down from July, 2007 to Feb', 2009, there was a 5 wave move back up retracing that impulse move down. I see this as the wave (A). If that was wave (A), then what follows must be wave (B). This is where I see prices as being now. In its' wave (B). And within that wave (B), it is in the wave A. Wave A maybe just finishing after reaching the .382 retrace of wave (A) and hitting a MAJOR SR Structure Zone and being rejected. It should be finishing up within the next couple of weeks and then wave B should commence. Judging by this picture, although I strongly believe that there is a LARGE move down to come this year, it isn't just yet.

PATTERNS
I've drawn in 2 patterns here but both are only POSSIBLE patterns and not yet POTENTIAL ones. In an idaeal scenario, both bats would play out perfectly. But we know we don't live in an ideal world and more than likely, there will be many twists and turns along the way. These 2 patterns are meant to only be very general guides as to how prices might act.