GBP/JPY remains locked in a narrow band between 128.09 - 130.23. As long as the short-term important resistance at 130.23 is able to cap the upside, we could see a final dip closer to our ideal target at 127.93 to complete the corrective decline from 148.87.
Once the low is in place and the short-term important resistance at 130.23 has been broken, we will look for much higher levels and ultimate a break back above 148.87. Nevertheless, for now, GBP/JPY remains stuck and we will have to accept the possibility of a final dip closer to 127.93 before turning towards the upside
R3: 131.62
R2: 130.73
R1: 130.23
Pivot: 129.60
S1: 128.87
S2: 128.49
S3: 128.09
Trading recommendation:
We are looking for a buying opportunity at 128.05 or upon a break above 130.23
