Sokow
Short

GBPJPY correction (wave 2) in progress

FX:GBPJPY   British Pound/Japanese Yen
Since the beginning of 2012 you can see a strong up move, which terminated at 189.698.
Wave 5 ended exactly at the 0.382 level and finished the cycle impulse wave I.
Now we are in a correction ( zigzag ). Target of wave II should be in the area of wave 4 of one lesser degree or between fibo 0.236 and 0.382.

For a closer look at the details of the wave count see following link:
http://www.directupload.net/file/d/3926/2hqja3ho_png.htm