The GBPJPY certainly seems interesting from a cyclical perspective. It seems evident that we have realized the tough of the 54 month duration earlier this year prior to the swift advance that was realized. We dropped in the first 10 week cycle correction recently and I have reason to believe that the 10 week cycle correction is probably complete. Confirmation would be to wait for a break of the 10 week FLD considering that we are still early within the cycle we have reason to believe that this advance is likely to continue for several more months at least. I am waiting for more price action to unfold in order to present subscribers with a projection line in order to jump in and out on the intermediate swings. I should have such a projection ready in the upcoming newsletter that should be sent out to subscribers around the 21st of this month. Let us now take a look at the prices along with the 10 week FLD.
Once this FLD is taken out to the upside, I will have reason to believe that a move of significance has begun on the GBPJPY currency pair. Notice that the peak in the FLD coincided with the recent tough in prices prior to the swift advance that occurred yesterday with the Monetary statement of the BOJ. It is important to note as well that the trough in the FLD accurately called the recent peak in prices. Speculators ought to watch this FLD closely for a break to the upside that should warrant long positions in this market for several months to come.