It has been quite a while since I have looked at this cross, but Sanjay asked me for an update.
Therefore please read my last post from February 25 -2013 here first:
http://theelliottwavesufer.blogspot.dk/2013/02/elliott-wave-analysis-of-gbpjpy.html
The post from February 25 was an almost perfect road-map to what happened the next couple of month. So what can be expect going forward? I'm looking for a wave 4 down to strong support at 149.25, but if this support break we should be headed for a deeper correction towards 142.50 and even 137.85 could be seen before the next rally higher in wave 5 towards 161.71 and maybe 166.20. These targets are measured from a possible wave 4 low at 142.50. If the low of wave 4 comes in at 137.85, we will have to adjust the coming wave 5 target accordingly.
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