The present support zone will act as wave 4 where the internals have a-b-c waves , being wave a = wave c . If the level intact, the price will move up as depicted on the chart.
After a long rally from an ending diagonal of wave 3 the pair is forming a Head and shoulder pattern. The breakdown of the neckline will bring the prices down to the previous supported as shown in the analysis.
Today's move created a new wave-c of wave-2 . Still the bias is for downsouth as wave 3 going to unfold. Refer to the last update attached in the link.
The past week we clearly see several retest on the Gbpjpy resistance levels and before the market closed last week we clearly see a break and rest of our previous resistance which has formed to be out newest support. With this clear break and retest i expect a good buy.
