Elliott Wave Analysis: GBPJPY Could Face Some Downtime

GBPJPY may be trading in late stages of sub-wave v) of five, which means a corrective reversal may follow in the near-term. That said the pair may see limited upside later today, or maybe tomorrow and unfold a minor three wave decline towards the region of former wave iv. A broken lower channel line would be a confirmation that bulls are over and bears may come in play.