GBP/JPY Analysis, Chart, and Trading Idea

Analytics for GBP/JPY Forex pair, based on complex analysis of modified waves, Fibonacci levels and price channels
 

The currency pair is traded in the range between 365 and 135 ЕМА. The upward wave structure is truncated. There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals the overbought state.

Trading idea:

Buy at the formation of the downward wave structure, when the (А) wave breaches the sloping channel of the uptrend truncated structure;

Stop-loss: out of the local maximum of the uptrend structure;

Target price levels: 161.80, 160.50.