GBP/JPY has dipped to a new low and we should be prepared for a little more downside pressure towards 134.50 before wave 2 finally completes and a new impulsive rally can start developing for an ultimate break back above the 148.87 peak.
Only a direct break above minor resistance at 136.89 will indicate that the bottom already is in place.
R3: 136.89
R2: 136.43
R1: 135.81
Pivot: 135.75
S1: 135.355
S2: 135.00
S3: 134.50
Trading recommendation:
We will only buy GBP at 134.65
