GBPJPY: this pair had completed 5 wave decline from 251.39 to 116.83 on 18th Sep, 2011 and after that its is long correction. The first leg completed in the form of blue wave A at 195.89 and we are now in blue wave B. The ideal target for blue wave B is near 166 where blue wave B equals to 38% of blue wave A. However it shall be possibility to extend up to 147 where blue wave B equals 61% of blue wave A. Long term trader can enter into short position from current rate or better traget 177-78 area. Stop loss shall be just above the start of green wave b.

muhiuddin