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Long

GBP/JPY Technical analysis

FX:GBPJPY   British Pound / Japanese Yen
The daily chart of the GBP/JPY has formed a Full Elliot Wave .
It is poised for a bullish correction in the form of ABC Wave.
The pair is also in downchannel formation and there is a good possibility that it will go towards its upper trendline .
It has also formed a morning star pattern in the candlestick pattern.
So as per the above analysis,we can expect the bulls to take charge in the GBP/JPY counter.
Comment: Going to retest the broken support

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