GBP/JPY made a five-wave drop from the 142.69 level, which confirms a change in trend, and a minimum, three-wave reversal to be underway. We see wave A) with a five-wave structure completed at 133.0 level, so current turn up, and out of an Elliott wave channel line can belong to a corrective wave B), a three-wave move, with resistance at the 138.37/139.0 area, where former swing high and Fib. ratios from 50.0 to 61.8 are located.
GBP/JPY, 4h
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