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:

https://www.tradingview.com/chart/GBPJPY/5sWTAjV3-GBPJPY-Wave-Analysis-sell-signal/

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