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:
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.