GBPJPY - Wolfe Waves, targeting 171.9

Wolfe waves are known for their accuracy in terms of timing and estimated price, (IF and WHEN they are correct). That said, GBPJPY daily charts seems to have a qualified wolfe wave. The EPA/ETA is 171.9, around 23rd July.

If you look to the weekly, the most recent candles was an inside bar and last week made a lower low and a lower high after the inside bar, indicative of a bit more downside move.

GBPJPY is in a bullish trend, so this downward move is more like a correction. Expect a drop to 171.9 on break of 172.661 or sell from a retracement to 173.975. stops few pips above 174.535