GBP/JPY has continued to move higher. Now it is testing resistance at 126.27. We continue to look for a final dip closer to our target at 134.50 to complete wave 2 and set the stage for a new impulsive rally in wave 3 above the 148.87 peak.
In the short-term, a break below minor support at 135.51 will confirm that the final dip towards 134.50 is unfolding.
R3: 137.24
R2: 136.89
R1: 136.30
Pivot: 136.05
S1: 135.75
S2: 135.35
S3: 135.00
Trading recommendation:
We continue to look for a buying opportunity at 134.65
