We continue to look for a deeper decline in wave c of 2 towards the ideal target at 141.05. GBP/JPY can now find the resistance in 143.36 - 143.74 area, which we expected will cap the upside for the expected decline closer to 141.05 target, where we see the low of wave 3 and the onset of wave 3 to above 148.87.
R3: 143.74
R2: 143.36
R1: 143.06
Pivot: 142.59
S1: 142.21
S2: 141.95
S3: 141.52
Trading recommendation:
We are short GBP from 143.70 with our stop placed at 144.40.
