GBP/JPY In A Bearish Reversal

GBP/JPY is dropping sharply, which confirms a high in place for a higher degree wave C) of C), and a minimum, three-wave reversal to be underway. We see the current decline as an impulse in the making; wave A), which still needs to unfold two legs, before support and a bigger correction as wave B) may begin to form. That said, the current rally from the lows can be a corrective move within a wave A), with resistance at the 138.31 level.

GBP/JPY, 4h