GBP/JPY continues to add upside pressure and has made a minor new high at 135.43. That said, we still expect gravity sooner or later will drag GBP/JPY lower in red wave c of red wave ii towards 130.78 before the next larger rally towards 137.40 and above should be expected.
Short-term a break below minor support at 133.85 will be a strong indication that more downside pressure towards 130.78 is developing.
R3: 137.69
R2: 136.32
R1: 135.43
Pivot: 133.85
S1: 133.28
S2: 132.18
S3: 130.78
Trading recommendation:
We continue to look for a GBP buying opportunity near 131.15
