GBP/JPY has already made a new high for wave v/. With this new high all requirements to wave iii have been fulfilled. Yet, waves v/ and iii have not been completed just yet. We expect a minor setback to 154.79 before the next impulsive rally to our long-term target level of 157.69. Maybe it may reach 160.58 before wave v/ and iii are completed and we should look for another corrective wave in wave iv.
As JPY-crosses often form a triangle in the fourth wave, that's what we will be looking for as wave iv.The material has been provided by InstaForex Company - www.instaforex.com