GBPJPY might be underway to make a new low for wave 5 in Blue and therefore completing wave C in Red. However due to my rationalization for USDJPY, I think it is also a very reasonable scenario for GBPJPY to see wave 4 in Blue unfold in the shape of a 'Flat' correction and therefore in need of another leg higher. Watch for the bullish break and consolidation for a potential buy. This would present a nice buy trade in the short term but more importantly a great sell trade later on.