GBPJPY Remains Bullish For A New High

GBPJPY has been bullish for the last three years, we see an impulsive structure unfolding. Impulse is a five wave move and when this is completed we can expect a three wave retracement. In our case that means big three waves to the downside on GBPJPY. However at the moment we see final leg in this impulsive sequence unfolding. We are tracking red wave (5) that can be an ending diagonal with a new high coming to around 197. On the intraday chart we see a three wave setback that can be looking for a support near 192.50-193.00. Idealy market will turn up from this region while invalidation level 191.00 must hold.

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