GBPJPY is reversing sharply down after reaching a new high above 153.00 which makes us think that higher degree impulsive is finished and that new corrective set-back is unfolding. Corrections are always made by a minimum three legs; A-B-C move, so it makes sense for us to expect even lower prices in the near-term if we consider that drop is impulsive, thus wave A that will bring more weakness later after wave B rally. Normally, when correction occurs, the price can return back to the former wave four, meaning we may see weakness to 148.40 or maybe even towards 147.40 levels. We would avoid any long positions for now, as these should wait untill A-B-C move is completed.
