GBP/JPY has been locked in a consolidation since late December and should be close to completing this consolidation for a breakdown towards the long-term corrective target near 145.76. Once this correction is complete, we will be looking for a new impulsive rally above the former peak at 172.13.

However, for now, we will concentrate on a break below minor support at 159.50 as the indication that the consolidation has been completed and the expected decline towards 145.76 is unfolding.