Despite GBP/JPY exceeding our target for wave b of the expanded flat near 132.65 we continue to look for wave c developing soon for a decline towards 129.41 before the next impulsive rally higher towards 135.40.
Short-term a break below minor support at 132.74 will indicate wave b being complete and wave c developing towards 129.41.
R3: 134.34
R2: 133.82
R1: 133.50
Pivot: 132.96
S1: 132.74
S2: 132.59
S3: 132.13
Trading recommendation:
We are looking for a GBP buying opportunity near 129.50.
