From a trading perspective, we need to.

Exceeding that level would indicate that a larger more complex correction is underway that could reach as high as Fibonacci resistance near 139. Beware of potential channel resistance, which is at 130.60 today and increases about 50 pips per day. As such, the latter count is becoming more likely. This count is valid as long as price is below 131.08. All that is clear right now is that a correction is unfolding. One count treats the advance to 131 as the end of an A-B-C correction (flat).

Above 131 would present an opportunity to play a break towards mentioned resistance at 139. British Pound / Japanese Yen The GBPJPY advance from 118.79 is vie as corrective. Yen Crosses Pressure Resistance -CADJPY bullish base since October, but watch channel -NZDJPY breaks resistance line Euro / Japanese Yen Last week I wrote that € there are a number of wave counts at the current juncture, so confidence in the pattern is low right now. Specifically, the advance is probably part of a 4th wave. € The advance is picking up steam.

With 3 waves up from 118.79, either a flat or triangle is underway.