What we have is a 4-hour chart showing an inverse head and shoulder breakout at a time when the 5-wave declining structure appears to have been completed on the weekly time frame.
Also note – we have a pattern on the .
Overall, the technicals tell me the recent low of 128.82 is unlikely to be challenged any time soon, unless we have a serious risk-off event.
On macro front, a double barreled stimulus in Japan – fiscal + monetary could translate into a Yen sell-off, while Bank of England (BOE) is now effectively data dependent. If the UK data dose not point to worsening of the economy post Brexit vote, the GBP/JPY could continue its move higher.
In today’s finance show, we had Steven Woodcock, Senior Market Analyst at Plutus FX, talk about FX markets in general with special emphasis on GBP and JPY. He believes, Yen may have turned the corner now and GBP/JPY is heading towards 200 in the long run. Check out the video here - https://www.youtube.com/watch?v=u1jnOYjXVSI
It would be great if you can post your chart. Honestly I am not an expert on wave. I just happen to know basic five way structure and a couple of years back I would spot 5th wave truncation on hourly charts for intraday trend reversals. But then markets got so volatile that I ditched the technique..
If correct we are progressing in final leg which I see developing in a zizgag each with minor zigzags as shown in 2 day chart and the move of June 2015 high which I question on your charts as labelled 1 and 3 actually lacks the internal 5 wave structure, rather display minor zigzags which I am labelling as (w) and (x) as show on chart below. I hope this might help to see what I am explaining and to entertain a different view than the one discussed in your TipTVFinance video linked above.