GBP/JPY Elliott Wave
The GBP/JPY pair has finished 3 wave (coloured blue) last week, and we could observe slightly upward move in this currency pair yesterday. During the European session price started an ascending move toward the 125.77 level where the GBP/JPY pair found resistance and stated pushing lower. Therefore during the New York session we could observe slightly bullish mood but the GBP/JPY did not manage to brake the daily high. Today during Asian session price broke 125.77 level and pushed to 100 EMA resistance. I expect to see price higher for end of the corrective 4 wave(coloured blue). In accordance with our wave rules and taking into account that the wave 4 retraces 161.8% of the wave 2, we can define the potential targets with measuring 2 wave with Take Profit 1 at 126.98 (138.2% of wave 2) and Take Profit 2 at 127.37 (161.8% of wave 2). The resistance level at 125.00 can be used as Stop Loss.

Support and Resistance levels
(S3) 124.51 (S2) 124.85 (S1) 125.07 (PP) 125.42 (R1) 125.76 (R2) 125.98 (R3) 126.33

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the upward movement. That is why Long positions at level 125.80 with Stop Loss at 125.00, Take Profit 1 at 126.98 and Take Profit 2 at 127.37 are recommended