It has been quite a while since I have looked at this cross, but Sanjay asked me for an update.
Therefore please read my last post from February 25 -2013 here first:
http://theelliottwavesufer.blogspot.dk/2013/02/elliott-wave-analysis-of-gbpjpy.html
The post from February 25 was an almost perfect road-map to what happened the next couple of month. So what can be expect going forward? I'm looking for a wave 4 down to strong support at 149.25, but if this support break we should be headed for a deeper correction towards 142.50 and even 137.85 could be seen before the next rally higher in wave 5 towards 161.71 and maybe 166.20. These targets are measured from a possible wave 4 low at 142.50. If the low of wave 4 comes in at 137.85, we will have to adjust the coming wave 5 target accordingly.
Thanks EWS for your analysis and do appreciate the same. Looks like we may have little more updise in the Yen pairs as the resistance levels in USDJPY, EURJPY and GBPJPY have been taken out though your wave count looks fine. Will look forward to the tops in the Yen pairs early next week - thanks again for responding to the requests and your daily analysis! Have a gr8 weekend!!
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