£/¥-GBP/JPY – Bullish Minuette (iii) – Ascending Channel

£/¥-GBP/JPY climbed higher and hit our previously set target, as per our “GBP/JPY Forecast – BOJ Press Conference” post.
The bigger picture is showing that £/¥-GBP/JPY would still need to unfold one last Bearish Impulse for the current Cycle to be considered as complete.
But not before the last moves within this local Corrective Structure.

Daily Chart (zoomed out picture):

Daily Chart (zoomed in picture):

Wave Analysis:

£/¥-GBP/JPY moved on the upside from Oct 2016 until Dec 2016 completing the first Swing of Minor 4 (green), which is Minute A (light blue).
This was followed by a 50% Fibonacci Retracement, unfolding as Minuettes (abc) (red), within Minute B (light blue).
Minute B (light blue) low could provide an excellent Trend-Line Support as it coincides nicely with the Ascending Channel’s retests and also Oct 2016’s low.
Minute C (light blue) would be awaiting for a Bullish Impulse and it seems like there is no better place to encounter that than the bottom of this strong trend-line.
Minuette iii (black) would be expected to run out of steam at or around the 150-161.8% Fibonacci Extensions of Minuettes (i) & (ii) (black).
Minute C (light blue) would end at or around the 100% Fibonacci Extensions of Minutes A & B (light blue).

As per the current Wave Count, a Bearish Swing, in my personal opinion, would have a lower probability than a Bullish Swing and I am also awaiting Bullish Minuette (iii) to start unfolding it’s powerful Impulses.