This is my view on the GBPJPY, I am shorting down to the (2) area. This trade is going with the impulse wave from (ii) to (iii). Being as the higher degree of (1) to (2) is a corrective pattern this is counter trend from that stand point, it is better to wait and buy later at (2) and catch the up trend, however I am going to do a small short at (ii) and ride it down to (2) and then buy it at (2) when this happens.
So I am bearish in the short term, however bullish in the long term.
So I am bearish in the short term, however bullish in the long term.