My limit of 235.85 to maintain a bearish bias in the long term has been invalidated with the attainment of 236.76.
I can not have a 1234 count now from the high of 240.66 which initially was my end of wave c equivalent to Point 0 of wave 1 down for C wave Down because wave 4 has entered price territory of wave 2 ( by reaching 236.76 )
This would therefore indicate that gbpjpy is back on the uptrend. I would not think of this as just a continuation of a wave c inside Big wave B as end of wave c inside this Big wave B will get too high.
So I would consider the move from 219.31 as end of wave 34 and the beginning of wave 35 and wave 351.
Chances are the carry trades is currently underway in the long run.
But we may be in on a small retracement on the 1 hr chart.
EG
I can not have a 1234 count now from the high of 240.66 which initially was my end of wave c equivalent to Point 0 of wave 1 down for C wave Down because wave 4 has entered price territory of wave 2 ( by reaching 236.76 )
This would therefore indicate that gbpjpy is back on the uptrend. I would not think of this as just a continuation of a wave c inside Big wave B as end of wave c inside this Big wave B will get too high.
So I would consider the move from 219.31 as end of wave 34 and the beginning of wave 35 and wave 351.
Chances are the carry trades is currently underway in the long run.
But we may be in on a small retracement on the 1 hr chart.
EG