In the near term the GBPJPY pair shows 5 waves up from the 2/17 lows. The dip to 139.61 corrected the cycle up from the 2/7 lows. We favor seeing the pair ending this initial bounce from there in the 142.05 area per the 1 hour chart from the Mid Day NY update that is shown below. Afterward we expect a smaller degree dip in 3-7 or 11 swings to correct the cycle up from the 139.61 lows from 2/17. In the nearest term while dips continue to remain above 139.61 expect the pair develops a rally again with the trend back higher initially toward the equal legs-1.236 extension area of the larger three swings up from the 2/7 lows which is in the 143.91-144.92 area.Thanks for looking and coming to the website and if you like take a trial subscription of our service and see if we can be of help in your trading. Kind regards & good luck. Lewis Jones of the elliottwave-forecast.com team.GBPJPY 1 Hour Chart