GBP/JPY - 4 HRS CHART
WAVE STRUCTURES...

The 4th wave correction that began on 3/5 at 221.10 is nearing an end. As always, corrections unfold in 3 waves (except for triangles) and this correction is clearly a “3”. Wave C of the correction (beginning at 222.85) would equal wave A (221.10-226.28) at 228.03, just above the 38.2% retracement of 238.22-221.10 at 227.62. The GBPJPY should roll over from this zone (227.60/228.00) and come under 221.10 in a 5th wave decline. Coming under 221.10 satisfies minimum expectations but a target is 217.36, which is support from the September 2006 lows. Price must remain below 232.14 in order to keep the bearish structure intact.