GBP/JPY dipped closer to the important low at 126.54 (the low was seen at 126.64) but did not break below and this kept our preferred count alive, that wave 2 most likely completed with the test of 126.52 and a new impulsive is ready to develop.
That said, we need to see a break above minor resistance at 129.84 and more importantly a break above resistance at 130.70 to confirm that the expected new impulsive rally is developing.
R3: 130.70
R2: 129.84
R1: 129.30
Pivot: 128.57
S1: 127.85
S2: 127.38
S3: 126.64
Trading recommendation:
We are looking for a buying opportunity upon a break above 129.84 with our stop placed at 126.50
