GBP/JPY overshot our original target at 163.36 and peaked at 164.65 in wave iii and we are now in a wave iv correction. Wave ii was a complex correction, so we should expect wave iv to be a simple zig-zag correction of maybe even a series of zig-zag correction if a triangle correction is unfolding. Wave ii was also a deep correction, son wave iv should be a shallow correction not correcting more than 23.6% or 38.2%, which means a correction into support in the 152.09 to 156.89 area.
Once this correction is complete more upside progress is expected beyond the peak of 164.65.
