GBP/JPY failed to rally higher to a new high above 158.22 and instead broke below minor support at 152.39 indicating that a larger corrective pattern is playing out as wave iv/. We are looking for a dip closer to support at 148.83 before the next impulsive rally towards at least 160.54 and possibly closer to resistance at 163.39 in wave v/.
Short-term a break above minor resistance at 154.22 will indicate that wave iv/ has completed and wave v/ is in motion towards at least 160.54.