GBPJPY - SELL IDEA

In the GBP/JPY 15-minute chart, the recent market action indicates the completion of a potential corrective wave, labeled as wave (b). The chart shows a clear five-wave structure, suggesting that the bullish phase might be ending, and a new downward movement could be in the early stages.

The target for this anticipated decline is around the 189.396 level, where wave (c) is projected to complete. This move aligns with the Fibonacci levels, providing a probable retracement to previous support areas. Traders looking for short opportunities might find this setup appealing, as it suggests a continuation of the corrective pattern that could lead to further declines.

However, it is essential to watch for confirmation signals before fully committing to a short position, as market dynamics can shift rapidly. Proper risk management should be in place to navigate any potential volatility during this corrective phase.