Elliott Wave Analysis: GBPJPY Sharply Turning Higher

GBPJPY is unfolding a sharp and strong reaction to the upside; we see current reaction as a higher degree wave (C) in progress within wave four. We know that leg C is always an impulse, thus it must contain five sub-waves, before a new reaction lower can come in play. That said we see current wave (C) search for a top near the former wave four at the 164.143 level and there make a new drop lower.