GBPJPY Medium term short
British Pound/Japanese Yen FX:GBPJPY
GBPJPY appears to have traced out the final 5th impulse wave identifying wave (i) of (3) as shown. This implies that current move should see further downside till about 145 zone which is strong support. A rally from there would not be surprising as the bigger structure being studied suggests a further appearance of strong impulsive wave (3) of III . High Volume supporting any bullish engulfing pattern, doji or piercing pattern around support zone identified, will be viewed as the beginning of wave (3) of III .