GBPJPY Wave Analysis

GBPJPY moved pretty corrective for the last weeks forming Wave B. This is typical for this correction pattern.

We now got:

• Sell Pinbar at key resistance
  
• 50% Fibonacci retracement of Wave A
  
• Break of rising trendline
  

After the rapid movement of wave A and the corrective retest of wave B, we should now see a pretty fast 5-waved move to the downside.
This will be wave C and it will finish off wave 2.

First target is still 300 pips away and is to area of wave 4.


Here is the previous analysis:

The market needed to correct a bit more, but the direction is long given.