Could possibly be in the process of bottoming out now as last wave (C) of wave 4 in a 3x3 expanding triangle.
Wave 4 moved into wave 1 territory, so, if confirmed, it would be a classic 3x3 five wave triangle. If 125.3 or so is the bottom, wave 5 should equal wave 1 length, being about 470 pips, with wave 5 target around 130.1.
went short on gbp/jpy 126.580. looking to TP at 126.10
Good luck, I hope you will get BE. But this looks very bullish to me... 125.5 is finally behind, price came down twice to test it, now climbing. I would say we still have about 250 pips ahead, don't know, not in straight line I guess...