GBPJPY is currently recovering, however in corrective fashion from the lows, which points to the fact that more weakness may be in store for the pair. We are observing a w-x-y correction in progress, with possible resistance, and reversal zone near the Fibbonacci ratio of 0.382/0.50 (129.96/131.02 area)
A drop in impulsive fashion, and below the lower channel line would confirm further weakness for a wave (v)