GBP/JPY is following the expected path and has stated it wave iv/ correction towards 150.10 and maybe even closer to the 38.2% corrective target of wave iii/ at 146.84. As wave ii/ was a simple deep zig-zag correction, we should be looking for a complex correction in wave iv/ towards 150.10. As a complex correction is expected it will make wave iv iv/ harder to predict and trade.
Short term, we would like to see a break below minor support at 153.88 to confirm wave iv/ is in motion.
Trading recommendation:
As the ongoing wave iv/ correction is expected to be a complex correction we recommend staying on the sideline and wait for a buy-opportunity near 150.10