FX:GBPJPY   British Pound / Japanese Yen
353 2 21
I like to see a deeper retrace for GBPJPY             before the bearish continuation should take over. Price moves very sideways and seems like it is extending lower instead of making a bearish impulse. I therefore see two scenario's as most likely for the short term. First of all a triangle correction where wave D might be completed. Or an ABC where wave B is completed.

I will therefore be looking for buy opportunities on lower time frames:
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If you are not already long watch for a consolidation after the break we already saw. I will target the triangle base line at 136.50 for a minimum target. But as always let price action tell you when to adjust stop losses.

updates will follow.
Comment: The buy came back against me but the bigger picture was making me hold my buy. Now we survived my entry twice so I move my stop to break even. I bought at just before my first post above. I see many posts based on structure that are biased one way. Just a warning for everyone, have a look at my NZDUSD post for context and try to understand that the Yen pairs are at strong levels (whether you call it support/resistance doesn't matter). But you will see that these are the times where even good strategies/structure analysts will have a hard time winning trades or end up with break even trades. Market dynamic can't be ignored. So I'm not saying it can't go down but in these market reversal tend to show many overlaps which may fool 95% of the structure traders but in fact are leading diagonals.

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thanks Tim
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132.00 is a critical level here.
snapshot
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