GBPJPY is showing a Elliott Wave structure where price has completed a strong impulsive rally within wave three and reached the upper boundary of a long term rising channel. The five wave substructure inside this move suggests exhaustion near the top and the rejection from the resistance zone indicates that momentum is fading. The projected path points to the beginning of a corrective phase labeled as wave four which could unfold with significant downside pressure as the pair retraces lower levels of support within the channel. If sellers remain in control the correction may deepen before the broader bullish cycle resumes with a potential wave five advance. This setup highlights the importance of monitoring bearish confirmation signals as a correction appears to be underway.