GBP/JPY continues to move lower as expected. Key-support at 132.10 has almost been tested and we are likely to see a second test soon. We do expect the this key-support will reject the second test too for a correction into the 133.28 - 133.51 area before a successful test through key support at 132.10 should be expected for a dip to 130.78.
Only a direct break above 134.61 will confirm that red wave ii is complete and red wave iii higher towards 139.20 is developing.
R3: 133.68
R2: 133.51
R1: 133.28
Pivot: 132.92
S1: 132.56
S2: 132.10
S3: 131.96
Trading recommendation:
We will buy GBP near 131.25 or upon a break above 134.61
