GBP/JPY has broken back up through the strong resistance/support level at around 140 and is looking bullish on the smaller time frames. To the left you can see my daily count and below is a zoomed in 4 hour chart of recent price action. The fourth wave extreme of the move from 150.72 coincides perfectly with the 61.8% Fibonacci of the drop at 143.60. This gives extra weighting to the 143.50/70 zone and I expect that if price retraces back up to that level, it will provide extremely strong resistance and likely be the turning point for the pair. I will be looking to short from 143.50, and keeping my stop at 145.50.
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