GBP/JPY - Expanded flat correction unfolding
Short term a minor expanded flat correction is unfolding. Wave [a] and already is in place and now wave [c] higher to 172.98 should be expected.
The most common relationship between wave a and wave b within an expanded flat correction is that wave b is 138.2% longer than wave a and that is precisely what we have seen.
Looking at the wave relatioship between wave a and wave C the most common relationship is that wave c is 161.8% longer than wave a and this will be the case at 172.98.
Short term a break above minor resistance at 168.81 will be the first indication of a rally higher in wave c. A break above resistance at 169.51 confirms that wave c is unfolding towards 172.98.
Once the 172.98 target has been reached, the risk again turns to the downside for a decline to 166.38 and the S/H/S target at 164.45
The most common relationship between wave a and wave b within an expanded flat correction is that wave b is 138.2% longer than wave a and that is precisely what we have seen.
Looking at the wave relatioship between wave a and wave C the most common relationship is that wave c is 161.8% longer than wave a and this will be the case at 172.98.
Short term a break above minor resistance at 168.81 will be the first indication of a rally higher in wave c. A break above resistance at 169.51 confirms that wave c is unfolding towards 172.98.
Once the 172.98 target has been reached, the risk again turns to the downside for a decline to 166.38 and the S/H/S target at 164.45
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