GBPJPY - Bears Are Still To Come (Elliott WAVE)

GBPJPY is currently recovering, however in corrective fashion from the lows, which points to the fact that more weakness may be in store for the pair. We are observing a w-x-y correction in progress, with possible resistance, and reversal zone near the Fibbonacci ratio of 0.382/0.50 (129.96/131.02 area)

A drop in impulsive fashion, and below the lower channel line would confirm further weakness for a wave (v)