GBP/JPY's rise from 141.99 extended further to as high as 150.66 before retreating mildly and the strong break of 149.15 resistance indicates that whole rise from 139.26 has resumed. The current development also indicates that whole consolidation pattern from 139.69 is still in progress with rise from 139.26 as the third leg. At this point, intraday bias remains on the upside as long as 148.22 minor support holds. Current rise should target 100% projection of 139.26 to 149.15 from 141.99 at 151.88 next. On the downside, below 148.22 will turn intraday bias neutral first and bring retreat. But break of 146.03 support is needed to be the first signal that rise from 139.26 has finished. Otherwise, another rise is still in favor after consolidations.
In the bigger picture, there is no change in the bearish view. Medium term rebound from 118.18, which is a correction to the long term down trend from 07 high of 251.90, has completed at 163.05 already. Fall from 163.05 is expected to resume after sideway consolidation from 139.69 completes and should target a new low below 118.81. However, note that sustained break of 61.8% retracement of 163.05 to 139.26 at 153.96 will argue that fall from 163.05 has finished already and will in turn indicate that rise from 118.81 is still in progress to another high above 163.05 before conclusion.
In the longer term picture, fall from 251.09 is treated as resumption of multi decade down trend. Note that the fall from 215.87 is not treated as the fifth wave, but the third wave inside the third wave that started at 241.35. On resumption, the down trend will extend to 61.8% projection of 215.87 to 118.81 from 163.05 at 103.03 next, which is close to 100 psychological support.
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