The GBP/JPY has been dropping as suggested in my previous article but at this point it has formed a bullish Wolfe Wave structure straight at ATR pivot point. Boosted by better than expected CPI, the GBP has made a slight recovery but for further upside it needs to break 138.50 with a steady upside momentum. The final target is 138.30 as 1-4 Wolfe Wave target will hardly be reached today (139,80). However, since this Wolfe Wave is not strict as point 3 is below point 1 it might be invalidated. Invalidation will come at the break of double bottom at 137.10. If this happens next target is 136.82 followed by 136.53.
