I have been waiting for a reversal to start the rally on GBPJPY for wave 3 on the weekly time frame. I think this could well be the turning point. A break of the blue trend line will confirm the reversal but I am already looking for an entry point.
I am currently in short but with conservative targets, and looking for buy setups when one is formed, I also analysis that GBPJPY will be rallying in the corrective structure which you forecast.
Linton_White
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@rattle82, this is a large time frame and there is a strong possibility that there will be an interim pullback first.