I believe GBP/JPY has nearly hit the trends peak as more volume could occur towards reaching the rejection area which is the highest level of structure. As the trend has broken through the current structure this could possibly be a good opportunity for longs. In the meantime I think the 140. area is a good short opportunity as the trend would be reaching the peak of a bullish consolidation. There maybe some pullbacks towards 140. along the way to maintain the waves position in which could also be a sign of a reversal happening. The target point has been set out in line with previous structure low.
Opening point: 140.211
Target point: 135.051
Exit point: 143.5
Opening point: 140.211
Target point: 135.051
Exit point: 143.5