GBP/JPY is correcting as expected and should ideally move closer to 129.41 as the correcting in red wave ii evolves. Short-term, we expect minor resistance at 131.69 to cap the upside for more downside pressure towards 130.06 and 129.41 to complete red wave ii and set the stage for a new impulsive rally in red wave iii towards 135.40.
R3: 132.55
R2: 132.16
R1: 131.69
Pivot: 131.54
S1: 130.94
S2: 130.49
S3: 130.19
Trading recommendation:
We are looking for buy GBP near 129.50
