The pound against the yen is looking for a bottom from which to climb
By looking at the GBPJPY daily chart, we find that the pair is trading within the Wolf Waves formation and seeks to achieve point number 5 before trying to climb again.
Therefore, we believe that the pair will witness a decline towards 159 levels, which represents the 161% Fibo correction of 3-4 before any attempt to rise
While the breach of 168 represents a failure of the model
By looking at the GBPJPY daily chart, we find that the pair is trading within the Wolf Waves formation and seeks to achieve point number 5 before trying to climb again.
Therefore, we believe that the pair will witness a decline towards 159 levels, which represents the 161% Fibo correction of 3-4 before any attempt to rise
While the breach of 168 represents a failure of the model