GBP/JPY is currently testing resistance near 136.56 may cap the upside for renewed downside pressure towards the 134.52 target to complete wave 2 and set the stage for a new impulsive rally in wave 3.
Only a direct break above resistance at 136.94 will indicate wave 2 has completed prematurely and wave 3 already is developing for an ultimate break back above the 148.87 peak.
R3: 137.35
R2: 136.94
R1: 136.56
Pivot: 136.08
S1: 135.85
S2: 135.35
S3: 135.00
Trading recommendation:
We will buy GBP at 134.65 or upon a break above 136.94
