The most bearish case would be failure around 167 EMA(233) forming wave 2 in a wedge short below 161 tp 147
GBPJPY option 2 long @156 (50% fibo in monthly chart) look for a possible wedge in wave 5 tp1 = 170
GBPJPY wave count option 1 Long > 163 tp1 =170 tp2=175 sl 4hr candle closing below 161
gbpjpy possible long @162 sl on 4hr close below 160.8 tp 169 tomorrow fomc could be catalyst
Keep selling gbpjpy Possible fibo retracement 50% 156 61.8% 147
GBPJPY 4hr channel Long above 170.4 target @174 Short below 168 target @ 160
GBPJPY Double retracement to .618 in last selling movements indicates it is not a wedge Wedge would be .618 , then .50 to create new low with more slope This implies we are probably trading wave 2 inside wave 3 Short @167 target 161 target 2 = 157 (base channel in weekly chart)
GBPJPY sell at EMA(233) @ 167.5 First selling is 167, better position 167.5 Target 162
GBPJPY short @167 (4 hr EMA(21)) The last big selling was done in 3 waves, this indicates a wedge formation. Target is 162
GBPJPY currently trading wave 5 inside wave C in correction There is a pending sale from triangle(wave 4) base retest at @169.0 Target is @164, possible objective also is bottom of channel @162.3
GBPJPY broke major support 168 this week Next support is 164 at bottom of current channel, then 157 at base channel If support 164 holds, it completes wave A, then wave B could have target at 180